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Miscellaneous Insurance

Annual Report 2015

Head OfficeT.K. Bhaban(7th Floor)13, Karwan Bazar Dhaka-1215Bangladesh.

Phone+88-02- 8141033-4, 9137244, 9131222

Fax+88-02- 9137077

Post Box NoGPO, Dhaka - 31

[email protected]@gmail.com

www.asiainsurancebd.com

2 annual report-2015

C O N T E N T S 01. This is Asia Insurance Limited : 0302. Letter of Transmittal : 0403. Notice of the 16th Annual General Meeting : 05 04. Our Vision : 0605. Our Mission : 0706. Our Objectives : 08 07. Corporate information : 09 08. Key information : 10 09. Stock Summary : 11 10. Our Services : 12 11. Corporate Structure : 13 12. Management Team : 14 13. Management Committee : 1514. List of Office & Branches : 16-17 15. Graphical Data : 1816. Brief Profile of The Directors : 19-25 17. Chairman’s Speech : 26-27 18. CEO’s Speech : 28-2919. Photograph : 30-3220. Report of the Board of Directors : 33-4821. Report of the Chairman, Audit Committee : 4922. Corporate Governance : 5023. Compliance Report to BSEC Notification : 51-5524. Compliance Certificate on Corporate Governance Guidlines : 5625 CEO’s and CFO’s Declaration to the Board of Directors : 5726 Photograph : 58 27. Auditors’ Report & Financial Statements : 59-101 Auditors’ Report : 60-61 Balance Sheet : 62-63 Profit & Loss Appropriation Account : 64 Profit & Loss Account and other comprehensive income : 65 Consolidated Revenue Account : 66 Fire Insurance Revenue Account : 67 Marine Insurance Revenue Account : 68 Marine Hull Insurance Revenue Account : 69 Motor Insurance Revenue Account : 70 Miscellaneous Insurance Revenue Account : 71 Statement of Cash Flows : 72 Statement of Changes of Shareholders Equity : 73 Classified Summary of Assets (Form-“AA”) : 74 Notes to the Accounts : 75-99 Schedules of Fixed Assets (Annexed-A) : 100 Related Party Transaction (Annexed-B) : 101 28. Notes : 102 Proxy form & Attendance Slip

3annual report-2015

THIS IS ASIA INSURANCE LIMITED

Asia Insurance Limited (AIL) is one of the leading non life insurance Company in Bangladesh and was incorporated as public limited Company on 30 April 2000 under the Company Act, 1994 and obtained registration from the former Chief Controller of Insurance, Government of Bangladesh on 30 May 2000. Asia Insurance obtains renewal license from the Insurance Development & Regulatory Authority (IDRA) in 2011. Asia Insurance was listed with Dhaka and Chittagong stock exchange in 25 June 2009. The Company carries its insurance activities through Head office along with 21 (twenty one) branches under online support all over the country. Asia Insurance has an authorized capital of Tk. 1000 million and paid up capital of Tk. 470.70 million. Share of the Company are traded in both Dhaka and Chittagong Stock Exchange as ‘A’ category. Asia Insurance has been able to keep up A+ credit rating for the last 4(four) year consecutively as rated by the Credit Rating Information and Service Limited (CRISL) which indicated high claim paying ability, good financial performance and sound solvency position of the Company absolutely.Asia Insurance is focused on providing professional services of the highest quality to its clientele which include many reputed large national and multinational conglomerates. Over the 15(fifteen) years, Asia has established its track record as a sound and dependable insurer, consistently able to meet its commitments and by providing insurance solution to the individual needs of its clients. The Board of Director of Asia Insurance are exceptionally qualified and well reputed business leader of the country. Mr. Yussuf Abdullah Harun, FCA, Member of the parliament and former president of the FBCCI is leading the Company as Chairman of the Board of Director. The qualified and experienced management team is headed by Mr. Md. Imam Shaheen, who has long 27 years of versatile working experience and well reputation in the Insurance industry.Financial performance of the Company has been consistently positive, delivering both underwriting and investment income and by giving attractive returns to its shareholders from inception. The Company is maintaining strong corporate culture, corporate governance, ethical standards, corporate social responsibilities, superior underwriting skills and abilities and dynamic investment management. Within the frame work of existing tariff, this Company charges the most economic and competitive premium rates ensuring maximum security at minimum cost. The Company has got necessary Re-insurance arrangement both at home and abroad under which it can underwrite any risk of any value.This Company takes utmost care in handling and setting claims with due promptitude with a view to giving timely indemnity to the members of the clientele.The future prospect of Asia Insurance is not only to increase business volume but also to upgrade the ranking and service quality of the Company. Asia Insurance emphasize on internal and external training in different subject area for the human resource development of the Company.


Letter of Transmittal

All Shareholders,

Bangladesh Securities & Exchange Commission

Insurance Development and Regulatory Authority

Registar of Jonit Stock Companies & Firms

Dhaka Stock Exchange Limited and

Chittagong Stock Exchange Limited

Sub: Annual Report for the year ended December 31,2015.

Dear Sir(s),

Enclosed please find a copy of the Annual Report together with the Audited Financial Statements and Blance

Sheet as at December 31,2015, Statement of Profit & Loss and other Comprehensive Income, Statement of

Cash Flows and Statement of changes in shareholder’s equity for the year ended December 31,2015 along

with notes thereon for kind Information and record.

Best regards,

Yours sincerely,

Md. Atique Ullah MajumderCompany Secretary

5annual report-2015

Notice of the 16th Annual General MeetingNotice is hereby given to all Members of Asia Insurance Limited that the 16th Annual General Meeting (AGM) of the Members of the Company will be held on June 11, 2016 (Saturday) at 11:00 A.M at “King’s Hall” of Spectra Convention Centre Limited, House # 19, Road # 7, Gulshan – 1, Dhaka - 1212 to transact the following business:

AGENDA11. Report and Accounts:

To receive, consider and adopt the Profit and Loss Accounts of the Company for the year ended on December 31, 2015 and the Balance Sheet as at that date together with the Reports of the Board of Directors and the Auditors thereon.

2. Dividend:To declare the dividend for the financial year ended December 31, 2015 as recommended by the Board of Directors.

3. Election of Directors: To elect/re-elect Directors as per terms of the relevant provision of the Articles of Association of the Company.

4. Appointment of Auditors: To appoint the Auditors of the Company for the term until the next Annual General Meeting and to fix their remuneration.

5. Miscellaneous: To transact any other related business with the permission of the Chair.

All members are requested to attend the meeting on the date, time and place mentioned above..

By order of the Board of Directors

Md. Atique Ullah Majumder

SEVP & Company SecretaryDated: DhakaMay 17, 2016

NOTES: a) The Board of Directors has recommended Cash Dividend @ 10% for the year ended December 31, 2015 subject to

approval in the 16th Annual General Meeting (AGM).

b) The record date is scheduled on May 22, 2016 (Sunday). The shareholders, whose names appeared in the Share Register of the Company or in the Depository Register (CDBL) on the Record Date are eligible to attend the meeting and qualify for Cash dividend.

c) A member eligible to attend and vote at the Annual General Meeting (AGM) may appoint a proxy to attend and vote on his/her behalf. The Proxy Form must be affixed with revenue stamp of Tk. 20/- and must be submitted to the Registered Office of the Company not later than 48 hours before the time fixed for the Annual General Meeting.

d) Annual Report, Attendance Slip and Proxy Form along with the notice are being sent to all Members by Courier Service/Post. The Members may also collect the “Proxy Form” from the Share Department of the Company.

e) Admission into the Venue of the AGM will be allowed on production of the attendance slip attached with the Annual Report. Shareholders are requested to register their names in the counter at the entrance of the Venue from 8.30 A.M. to 10.30 A.M.

NB: Members may also please note that no gift/gift coupon/food box/benefit in cash or kind shall be distributed/paid

at the AGM as per BSEC Circular No: SEC/CMRRCD/2009-193/154 Dated October 24,2013.


Our Vision

► To be one of the leading Insurance Company in the country.

► Providing integrated insurance service in the non-life sector.

► Having special track record of prompt customer service and speedy claim settlement.

Our Mission

► To enhance profitability through customer’s satisfaction.

► To create shareholders value.

► To continue commitment to excellence.

7annual report-2015

Our Objectives

► To meet customers demand with utmost effort.

► To ensure maximum protection of shareholders’ investment.

► To provide secured employment environment.

► To develop corporate culture and promote good governance.

► To maintain transparency in disclosures.


9annual report-2015

Corporate Information

Name of the Company Asia Insurance Limited

Legal Form A Public Limited Company incorporated in Bangladesh under the Companies Act 1994 from Registrar of joint Stock Companies and Registered with Insurance Development And Regulatory Authority, Govt. of the people’s Republic of Bangladesh.

Nature of Business Non-Life Insurance Business

RJSC Reg.No C-40166(2134)/2000

TIN No 631401402225

VAT Reg.No 19111023256

Operation Started April 30, 2000

Chairman Yussuf Abdullah Harun, FCA

Chief Executive Officer Md. Imam Shaheen

Principal Bankers Southeast Bank Limited

No. of Branch Offices 21

Registered Office T.K. Bhaban(7th floor),13 Karwan Bazar, Dhaka-1215

Telephone +88-02-8141033 - 4, 9137244, 9131222

Fax +88-02-9137077

Post Box No GPO,Dhaka - 31

e-mail [email protected] / [email protected]

website www.asiainsurancebd.com

Auditors Pinaki & Company Chartered Accountants

Tax Advisor Howlader Mahfel Huq, FCA Mahfel Huq & Co. Chartered Accountants


Key Information

Incorporation of the Company : April 30, 2000

Commencement of Business : April 30, 2000

Registered with the Department of Insurance : May 30, 2000

First Renewal of Registration with Insurance Development And Regulatory Authority : March 30,2011

Singing of First insurance Business : June 14, 2000

First Board Meeting : April 30, 2000

First Annual General Meeting : August 09, 2001

Received Consent from Securities and Exchange Commission for issuance of Public Share of Tk. 9,00,00,000/- : March 19, 2009

Prospectus Issued for Public Subscription : March 23, 2009

Lottery of IPO : May 19, 2009

Over Subscription on IPO : 28.34 Times

Agreement Singing with CDBL : May 7, 2009 Listing with DSE : June 25, 2009

Listing with CSE : June 25, 2009

First Trading of shares on DSE : June 25, 2009

First Trading of shares on CSE : June 25, 2009

Approval of Rights Share Issue : December 13, 2010

Credit Rating by CRISL : ‘’A+’’

11annual report-2015

Stock Summary

Authorized Share Capital : Tk. 1,00,00,00,000.00

Paid up Capital : Sponsor Tk.: 19,56,37,880.00

: Public Tk.: 27,50,60,700.00

: Total Tk.: 47,06,98,580.00

No. of Shares : Sponsor : 1,95,63,788

: Public : 2,75,06,070

: Total : 4,70,69,858

Face Value per Share : Tk. 10.00

Net Asset Value (NAV)(as on 31.12.2015) : Tk. 81,35,60,944.00

NAV Per Share (as on 31.12.2015) : Tk. 17.28

Earning Per Share (EPS) 2015 : Tk. 1.21

Net Operating Cash Flow Per Share (NOCFS) 2015 : Tk. 1.53


Products and Services Fire Insurance Fire Insurance (including Allied Perils)

Industrial All Risks (IAR)

Marine Cargo Insurance Transit by Steamer or Powered Vessel

Transit by Rail/Lorry/Truck

Transit by Inland Rail or Road Conveyance

Transit by Air Cargo

Transit by Inland Cargoes (water borne)

Marine Hull Insurance Total Loss Only (TLO)

Comprehensive

Motor Insurance Commercial Vehicle

Private Vehicle

Motor Cycle/Scooter

Miscellaneous Burglary & House Breaking Insurance Cash in Safe Cash in Transit Cash on Counter Cash in premises Contractors’ All Risk (CAR) Erection All Risk (EAR) Engineering Insurance Boiler and Pressure Vessel Insurance (BPV)Machinery Breakdown Policy (MBD)Deterioration of stock in cold Storage Policy

(DOS) Electronic Equipment Insurance (EEI) Lift Insurance Policy

Fidelity Guarantee Insurance Peoples Personal Accident (PPA) Performance Bond Insurance Third Party Liability PolicyWorkmen’s Compensation Policy Personal Accident Policy (PA) Business Interruption Policy Public Liability PolicyOverseas Mediclaim and Holiday Insurance

including study and employment

“Nibedita” Comprehensive Insurance Scheme for women irrespactive of occupation.


Corporate Structure Board of DirectorsChairman : Yussuf Abdullah Harun FCA

Vice Chairman : Mahbubul Alam

Directors : Abul Bashar Chowdhury : Alamgir Kabir FCA : Mohammed Jahangir Alam : Mohammed Jamal Ullah : Khaleda Begum : Farzana Afroze : Mohammad Mustafa Haider : Dr. Zaidi Sattar, Nominated - Director of Southeast Bank Ltd. : Tarik Sujat, Nominated Director of Bay Leasing & Investment Ltd. : Mohammad Ali KhokanIndependent Director : Zakir Ahamed Khan Chief Executive Officer : Md. Imam Shaheen

Executive CommitteeChairman : Abul Bashar Chowdhury Members : Yussuf Abdullah Harun FCA : Mahbubul Alam : Alamgir Kabir FCA : Mohammed Jahangir Alam : Mohammed Jamal Ullah : Mohammad Mustafa Haider : Dr Zaidi Sattar, Nominated Director of Southeast Bank Ltd. : Mohammad Ali Khokan : Md. Imam Shaheen, Chief Executive Officer

Re-Insurance & Claims CommitteeChairman : Yussuf Abdullah Harun FCAMembers : Alamgir Kabir FCA

: Abul Bashar Chowdhury : Mohammed Jamal Ullah : Mohammad Mustafa Haider : Tarik Sujat, Nominated Director of Bay Leasing & Investment Ltd. : Mohammad Ali Khokan : Md. Imam Shaheen, Chief Executive Officer

Human Resource Development CommitteeChairman : Alamgir Kabir FCA Members : Yussuf Abdullah Harun FCA

: Mahbubul Alam : Mohammed Jahangir Alam : Mohammad Mustafa Haider : Farzana Afroze : Dr Zaidi Sattar, Nominated

Director of Southeast Bank Ltd. : Md. Imam Shaheen, Chief Executive Officer

Investment CommitteeChairman : Yussuf Abdullah Harun FCAMembers : Alamgir Kabir FCA

: Abul Bashar Chowdhury : Khaleda Begum : Mohammed Jahangir Alam : Farzana Afroze : Dr Zaidi Sattar, Nominated- Director of Southeast Bank Ltd. : Md. Imam Shaheen, Chief Executive Officer

Audit CommitteeChairman : Zakir Ahamed KhanMembers : Alamgir Kabir FCA

: Abul Bashar Chowdhury : Mahbubul Alam : Mohammed Jahangir Alam : Khaleda Begum : Tarik Sujat, Nominated Director

of Bay Leasing & Investment Ltd. : Mohammad Ali Khokan : Md. Imam Shaheen, Chief Executive Officer

Company Secretary

: Md. Atique Ullah Majumder LL.B (Hons), LL.M

Chief Financial Officer: Md. Rafiqul Islam


Management TeamChief Executive Officer : Md. Imam ShaheenAdditonal Managing Director : Md. Emdadul HaqueDeputy Managing Director : A.M.M. Abdullah-Al-Ziad

: Mohammad Ali: A.K.M. Showkat Hasan Khan

Senior Executive Vice President : Kazi Zakir Hossain : Md. Saiful Amin : Md. Atique Ullah Majumder

Executive Vice President : Rtn. M. Mojibur Rahman: M. Ashraful Alam Chowdhury

: Md. Rafiqul Islam : Mahbubur Rahman

Senior Vice President : S. I. M. Ashraful Alam: Ajay Kanti Barua: Md. Sharif Hossain: Professor Nazir Ahmed,CSS: Md. Shaheb Ali Khan: Md. Mozammel Haque Chy.:Tofazzal Hossain

Vice President : Md. Nurul Amin Chowdhury

Sr. Assistant Vice President : Ahsan Habib: Mohammad Omar Faroque, MBA

Assistant Vice President : Md. Iqbal Hossain: Md. Estafazur Rahman: Syed Sayeedul Hassan: Md. Nurul Haque: Md. Nazmul Islam Khasru: Md. Toufique Hossain


Management Committee Head of the Committee : Md. Imam Shaheen

Chief Executive Officer

Member

1. Md. Atique Ullah Majumder

Company Secretary

2. Md. Rafiqul Islam

Chief Financial Officer

3 . S I M Ashraful Alam

SVP & Head of U/W & BCD Dept.

4. Tofazzal Hossain SVP & Head of Admin and Estb.Dept.

Business Plan & Development Purchase & procurementï×vPvi I ˆbwZKZv KwgwU

Head of the Committee :

Md. Imam Shaheen Chief Executive Officer

Members :

1. Md. Emdadul HaqueAdditional Managing Director

2. A.M.M. Abdullah-Al-Ziad Deputy Managing Director

3. Mohammad Ali Deputy Managing Director

4. Md. Atique Ullah Mojumder

Company Secretary.

Head of The Committee :


Members :

1. Md. Atique Ullah Majumder Company Secretary

2. Md. Rafiqul Islam Chief Financial Officer

3. Tofazzal Hossain Senior Vice President

4. Ahsan Habib Sr. Assistant Vice President

Head of The Committee :


Members :

1. Md. Atique Ullah Majumder Company Secretary

2. Md. Rafiqul Islam Chief Financial Officer

3. S I M Ashraful Alam Senior Vice President

4. Tofazzal Hossain Senior Vice President


List of Office & Branches

NAME OF BRACHES HEAD OF BRANCH PHONE/FAX/MOBILE NO

Local Office Mohammad Ali Tel : 02-9137984,Fax: 02-9137077T.K Bhaban (7th Floor) Deputy Managing Director 13, Kawran Bazar, Dhaka-1215

Motijheel Branch Md. Emdadul Haque Tel : 02-7111947Khan Mansion (9th Floor) Additional Managing Director107. Motijheel C/A, Dhaka-1000

Dilkusha Branch Mohammad Omar Faroque Tel: 02-9575111-2Eunoos Trade Center (Level-18), Senior Assistant Vice President Fax : 02-957511352-53, Dilkusha C/A Dhaka-1000 Imamgong Branch M. Ashraful Alam Chowdhury Tel : 02-734321418,Ray Isshar Chadr Shill Executive Vice President Tele-Fax : 02-7321560Bahadur Street (3rd Floor) Imamgonj. Dhaka

Bangshal Branch Md. Iqbal Hossain Tele-fax : 02-959093761-63, Sayed Nazrul Islam Sarani Assistant Vice PresidentBangshal, Dhaka.

Palton Branch Md. Sharif Hossain Tel : 02-9559462Tropicana Tower (2nd Floor) Senior Vice President Fax- 02-7171079281 Sayed Nazrul Islam Sarak (Old 45 Topkhana Road), Dhaka-1000

Elephant Road Branch Md. Saiful Amin Tel: 02-9661664Rajdhani Complex (3rd Floor) Sr. Executive Vice President 237/2 New Elephant Raod Dhanmondi, Dhaka-1205

Banani Branch Ajay Kanti Barua Tel: 02- 8836605 Apartment No-B-5, Sr.Vice President 02-8836369Andalusia House No-36,Road No-12Block-EBanani,Dhaka.

Narayangonj Branch Kazi Zakir Hossain Tel : 02-7643620, 763263934, S.M Maleh Road (2nd Floor) Sr. Executive Vice President Tanbazar, Narayangonj

Khatungonj Branch Nurul Amin Chowdhury Tel : 031-62727356/56, Bitligonj Vice President Fax: 031-625183,Khatungonj, Chittagong

Agrabad Branch A.K.M Showkat Hasan Khan Tel : 031-726382Progressive Tower (2nd Floor) Deputy Managing Director Fax: 031-7263821837, Sheikh Mujib Road Agrabad, Chittagong


NAME OF BRACHES HEAD OF BRANCH PHONE/FAX/MOBILE NO

Jubilee Road Branch Syed Jabid Hossain Tel : 031-2865438Kader Tower (5th Floor) Principle Officer128, Jubilee Road, Chittagong

Comilla Branch Md. Shahadat Hossain Tel : 081-71301Khan Mansion (2nd Floor) Principal Officer 1/1, Rajgonj Road, Chatipatty Kotwali, Comilla,

Barisal Branch Md. Nurul Haque Tel : 043121-74744The Medicals (3rd Floor) Assistant Vice President 61, Sadar Road, Barishal

Narsingdi Branch Md. Anower Hossain Tel : 9452150Bhuyian Shopping Complex (2rd Floor) Senior Principal Officer Mob: 01715-630710Sadar Road Narsingdi-1600

Mymensing Branch Md. Farhad Hossain Tel : 091-6634639/1, Modon Babu Road Senior Principal OfficerGoalpukur Par, Mymensing

Sylhet Branch Nazmul Islam Khasru Tel : 0821-728391Al-Marzan Commercial Complex (3rd Fl) Assistant Vice President Zindabazar,Slyhet

Jessore Branch Md. Khajanur Rahman Mob:01912914486,Ishaque Tower(4th Floor) Sr. Executive Officer 43,M.K Road,Chowrasta,Jessore

Khulna Branch Mr. Md. Shaheb Ali Khan Tel : 041-72360225, Sir Iqbal Road Senior Vice President Tele Fax: 041-723602Khulna

Faridpur Branch Mr.Md. Aslamuzzaman Mob : 01987390336Bari Plaza Shopping Assistant Vice PresidentComplex (4th Floor) 54, Thana Road Faridpur

Feni Branch Humayan Kabir Tel : 0331-63472 Surma Sadan Principal Officer Mob: 01819631933, 176,177 & 178 Trunk Road 01713331854Feni

Proposed Branches: Gulshan Branch, Dhaka.Uttara Branch, Dhaka.Savar EPZ Branch Dhaka. Rajshahi Branch, Rajshahi.


Brief Profile of The Directors

Mr. Yussuf Abdullah Harun was born in Comilla on November 15, 1947. He had a brilliant academic career. He obtained B.com. (Hons.) Degree from University of Dhaka in the year 1967 and Qualified as a Chartered Accountant (FCA) from the Institute of Chartered Accountants in England & Wales.

Mr. Yussuf Abdullah Harun started his business career as an entrepreneur just after completion of his education and became a prominent industrialist of the country. He was Chairman, Board of Directors of Southeast Bank Ltd., former President of the FBCCI and Director of Infrastructure Development Company Limited (IDCOL). Mr. Harun was also Vice President of SAARC Chamber of Commerce and Industry and Vice President, Confederation of Asia Pacific Chamber of Commerce and Industry (CACCI). He is a member of the Board of Governors of North South University and the Board of directors of Policy research institute (PRI). He is the Chairman of The Daily Observer, a national English Daily.

He is associated with a number of companies in the field of shipping, Real Estate, Hotel etc. Mr. Yussuf Abdullah Harun is a member of Parliament and is actively associated with a number of Socio-Cultural organizations as donor and life member.

Mr. Mahbubul Alam was born in the year 1958 at Chittagong. He obtained B.A (Hons.) and Masters degree in Sociology from Chittagong University in the year 1979 and 1980 respectively. He started his business after completion of his education and established himself as successful entrepreneur. His business affiliation includes life and non-life Insurance, Steel Industry, Trading of various commodities.

Mr. Mahbub has been elected as the President of Chittagong Chamber of Commerce Industry (CCCI) and Vice President of the Federation of Bangladesh Chambers of Commerce & Industry (FBCCI), Vice President of Eastern Indian Confederation of Chamber.

Mr. Alam is associated actively with good number of socio-cultural organizations.

ChairmanYussuf Abdullah Harun FCA

Vice Chairman

Mahbubul Alam


Mr. Abul Bashar Chowdhury, son of Late Alhaj Abdus Salam Chowdhury and Mrs. Johora Khatun, was born on February 15, 1962 at potiya, in Chittagong. He obtained B.A. (Hons) degree in Political Science from the University of Chittagong in the year 1983.

Just after completion of education, he started his business career in 1985 and became successful businessman and entrepreneur. His business affiliation includes in Hatchery, Poly Industries, Food products, Shipping Petro Chemical & bulk Trading. Mr. Abul Bashar Chowdhury was the founder Chairman of Asia Insurance Ltd. and now he is the Chairman of Executive Committee of Asia Insurance Ltd. He is also the Chairman of Super Petro Chemical, Modern Hatchery Ltd., Modern Fiber Ind. Ltd., Modern Poly Ind. Ltd., Mutual Shipping Ltd., Ruby food products Ltd., and chairman of BSM group of companies.

Mr. Abul Bashar Chowdhury was the founder Director of CMCCI & Nominated Director of FBCCI. He is the member of Australia-Bangladesh Chamber of Commerce, Bangladesh-Thailand Chamber of Commerce & Industry and member of Executive Committee Bangladesh-Myanmar Friendship society.

Mr. Chowdhury is the member of Chittagong Club Ltd. & Life Member of Batiary Gulf & Country club and actively associated with a good number of socio-cultural organization.

Mr.Alamgir Kabir FCA, Son of Late Belayet Hossain and Late Rezia Begum, Sponsor Director of Asia Insurance Ltd. was born on December 28, 1947. He had a brilliant academic career and is a qualified Chartered Accountant. Mr. Kabir is the Chairman of Southeast Bank Ltd. and an Independent Directors of National Life Insurance Company Limited.

director & Chairman, Executive Committee

Abul Bashar Chowdhury

Director & Chairman, Human Resource Development Committee

Alamgir Kabir FCA


Mr. Mohammed Jahangir Alam is a man of energetic and visionary businessman. After completing education from Government College of Commerce, Chittagong in 1980 started his career by joining in a private service.

He has derived vast proficiency in trading on Iron & Steel, Cement, Bitumen, C.I Sheet, Zinc Ingot, Capital Market, Industrial ventures etc. Initially he established his business house named Jahangir & Others in 1987 which was subsequently incorporated as Jahangir & Others Limited in 2003. He has established himself as one of the business leaders in Bangladesh. He is the Chairman of Crown Cement Group, GPH Group and Director of Premier Cement Mills Ltd., and Chartered Life Insurance Ltd. He is also actively involved with the many social & philanthropic organizations of the country.

Mr. Mohammed Jamal Ullah was born in Chittagong on June 12, 1957. He started business career right after completion of his education and achieved remarkable success in business. He earned notable fame in business community for his integrity, devotion and sincerity for long 35 years. His business affiliation includes mainly on Manufacturing and Trading of Commodities. Mr. Mohammed Jamal Ullah is one of the Sponsor Director of Asia Insurance Ltd. Besides he is the Managing Director of Silver Dal Mils Ltd., Ishfar Oil Mills Ltd., Rupali Soap & Checmical Industries (Pvt.) Ltd., Annu Sany Trading (Pvt) Ltd., Silverbell Properties Ltd. and also Managing Partner of Gazi Commodity Marketing Co. and proprietor of M/S Bismillah Store which all are established in Chittagong.

directorMohammed Jahangir Alam

directorMohammed Jamal Ullah


Ms. Khaleda Begum, daughter of Late Alhaj Abdus Salam Chowdhury and Mrs. Johora Khatun and wife of Alhaj Md. Abul Kalam, was born in the year 1960 in Chittagong. She associated herself in her husband’s business and built up a reputation as an astute and efficient business entrepreneur and achieved remarkable success in business.

Ms. Khaleda Begum is one of the Sponsor Director of Asia Insurance Ltd. Apart from this, she is involved in number of diversified well-reputed business and industrial enterprises which includes Oil Refinery, Iron & Steel, Plastic Products, Chemical Complex, Timber and Poly-wood Industries, Paper and Board Mills, Leather and Foot-ware, Tannery, Vegetable oil & Beverage, Poultry Farms and so on. She is associated with about 16 numbers of business and Leading business conglomerates of the country T.K. Group of companies. Mrs. Khaleda Begum has built up reputation as a prominent personality and forward looking businessperson.

Furthermore, she is widely traveled person and visited many countries in Europe, USA, UK and Asia. She has deep affinity and also attachment with number of various socio cultural organizations and activities.

Ms. Farzana Afroze, wife of Mr. Asifur Rahman and daughter of Alhaj Md. Abul Kalam & Mrs. Khaleda Begum was born in the year 1980 in Chittagong. She obtained her graduation in science faculty with special merit scholarship from the University of Southern California, USA in the year 2004. Just after completion of her education she started her family business and participated in Asia Insurance Ltd. as one of the Sponsor Director. Ms. Farzana is the Chairman of Samuda Chemical Complex Ltd., Samuda Power ltd., Samuda Peroxide ltd., Samuda Caustic ltd., Genweb2 ltd. and she is Director of Super Petrochemical (Pvt.) ltd., Modern Poly Industries ltd.

Mr. Mohammad Mostofa Haider, son of Alhaj Md. Abul Kalam and Mrs. Khaleda Begum, was born on April 02, 1979 in Chittagong. He is graduated from the University of Southern California, USA. After completion of his education in USA Mr. Mostofa Haider joined his family business T.K Group. Mr. Haider is the Chairman of Premier Cement Mills Ltd., Premier Power Generation ltd., Roknoor Navigation ltd. and Managing Director of T.K Shares & Securities ltd., Super Petrochemical (Pvt.) ltd., Samuda Chemical Complex Ltd, Premier Power ltd. and Samuda Power ltd, Samuda Peroxide ltd., Samuda Caustic ltd., Genweb2 ltd. He is also holding Directorship resposibilities in Asia Insurance ltd., Hafsa Nazir industries Complex ltd., Premium Assets ltd., Modern Poly Industries ltd. and Modern Power ltd., BSM Essential ltd.

directorKhaleda Begum

directorFarzana Afroze

directorMohammad Mostafa Haider


Dr. Zaidi Sattar, Chairman, PRI, and a former senior economist of the World Bank, is a broad-based development economist with specialization in trade, macroeconomics and development. Dr. Sattar was educated at the Boston University and has conducted policy research in the areas of macroeconomic management, growth, and trade policy. Dr. Sattar was a core team member drafting the Sixth Five Year Plan (2011-15) and the Perspective Plan (2010-2021) of Bangladesh. He is recognized as a leading expert on trade and industrial policy issues in Bangladesh. He served as World Bank Advisor on tariffs and customs reform at the National Board of Revenue (1992-95), and later as UNDP Macroeconomist at the Planning Commission (1995-96). He joined the World Bank in 1996 as Senior Economist, South Asia Region, where he served as macro and trade economist until September 2007. He co-authored two seminal World Bank publications, Trade Policies in South Asia: An Overview (2004) and Studies in India-Bangladesh Trade (2006). He was the lead author of another World Bank publication, “Bangladesh 2020: A Long-Run Perspective Study”. Prior to his World Bank appointment, he was the member of the faculty of The Catholic University of America, Washington DC (1984 - 1992). He was also a member of the Civil Service of Pakistan and Bangladesh (1969 – 1983), having served in different ministries and districts in Pakistan and Bangladesh. He was the Vice-Chancellor of the Millennium University, Dhaka (2007 – 2008). He has numerous publications in international and national journals and has presented papers on trade policy, private sector development, and growth issues at national and international conferences. He is on the Board of Directors of several financial institutions: Southeast Bank Ltd., Southeast Bank Foundation, and Asia Insurance Ltd. He is a life member of Bangladesh Economic Association, Bangladesh Economists’ Forum and American Alumni Association. He is also an Advisor to The Financial Express.

Mr. Tarik Sujat, Son of Tofazzal Hossain and Hosne Hena Hossain was born in the year 1965 September 10, at Dhaka. He obtained MSS in Political Science from Dhaka University in the year 1990. After completion of education he has strated his Business carrier. At present he is the CEO of Journeyman (Interior & Graphics Designer) Company, Director, Bay Leasing & Investment Ltd. and Director of Desh TV Limited. He is also involved in Publication (Creative Work& Writing) and participated different conference, seminar & workshop. He has attachment with number of various socio-cultural organizations and activities.

Nominated Director ofSoutheast Bank Ltd.

Dr. Zaidi Sattar

Nominated Director of Bay Leasing & Investment Ltd.

Tarik Sujat


Mr. Mohammad Ali Khokon is the Managing Director of the Maksons Spinning Mills Limited & metro Spinning Limited. He has 29 years of Business Experience. He has visited many countries of the world in connection of business and thus gained vast experience and knowledge of Modern Methods, Technology, Production and Marketing & Management Techniques of textile industries. His wisdom helps Company to formulate policy & to set strategic planning and direction for the Entire range of its activities. Involved to set business planning, financial planning, marketing policy, procurement policy, dividend policy, operational policy, expansion/future business policy and other business affairs of the Company. Deals with financial institutions, Government Regulatory Bodies, International vendors, legal bodies, and other concern departments as a part of Corporate management policy.

Mr. Zakir Ahmed Khan was born on December 01, 1945. He completed his BA (Hons) and MA in Economics from the university of Dhaka and Obtained his MBA from Vrije Universiteit, Brussels Belgium. Alongside he also studied development economics and development administration in Colodaro State University as a Hubert Humphrey Fellow of the USA.

Mr. Zakir Ahmed Khan was appointed as an Independent Director of the Company on 28.09.2013 and is also the Chairman of the Audit Committee of the Company. Mr. Khan made solid contributions to the Government of Bangladesh as he served in key position in various ministries of Government of Bangladesh between 1970 and 2005. He was the Finance Secretary of the Government of Bangladesh and also Chairman of National Board of Revenue of Bangladesh. Prior to his retirement from Government service he worked as an Alternate Executive Director of the World Bank, representing Bangladesh, India, Bhutan and Sri Lanka.

Director

Mohammad Ali Khokon

Independent Director

Zakir Ahmed Khan


Md. Imam Shaheen joined in Asia Insurance Limited as Chief Executive Officer & Managing Director on December 31, 2014, which approved by Insurance Development & Regulatory Authority (IDRA) Bangladesh.

Prior to join the Asia Insurance Ltd., Md. Imam Shaheen had been serving as the Deputy Managing Director, Additional Managing Director and Head of Underwriting, Claims, Branch Control, Human Resource & Administration Department in the Phoenix Insurance Company more than 5 (Five) years with distinguished contribution of his assignment.

Before joining the Phoenix, Mr. Shaheen was serving as the Senior Executive Vice President and Head of Re-insurance, Claims, Underwriting, HRD & Training, Market Plan & Promotion Dept. in Asia Insurance Ltd. longer than 5 years with outstanding efficiency.

After obtaining Master’s degree with honours in Management from the Chittagong University, Md. Imam Shaheen started his career as an officer with Green Delta Insurance Co. Ltd. in 1989 and held responsible position about 15 years in different capacities with reward.

Md. Imam Shaheen received ‘TYSER & CO. LIMITED’. London Award in recognition of outstanding result in the Bangladesh Insurance Academy (BIA) Diploma examination. Mr. Shaheen is an Associate Lecturer and Examiner both in Bangladesh Insurance Academy & Association since a decade. He has visited many countries for the professional and personal purpose. Md. Imam Shaheen has been elected as the Secretary General of the Institute of Insurance Executives Bangladesh (IIEB) and Joint Secretary General of Bangladesh insurance Forum (The only CEO’s organization of life & non-life insurance Company).

Among 27 years Insurance career, Mr. Shaheen has participated actively in a good number of prestigious Training, Workshop and seminar both at home and abroad. Md. Imam Shaheen obtained the opportunity to equip himself by working closely in all important section of general Insurance that has enabled him for gathering versatile knowledge and experience to add this profession.

Chief Executive Officer (CEO)

Md. Imam Shaheen


Bismillahir Rahmanir RahimDistinguished Shareholders,&Members of the Board of Directors,

I consider it a great privilege for me to welcome you all to the Annual General Meeting of your Company and to present to you, on behalf of the Board of Directors, the Annual Report for the year ended 2015. At the outset, I want to thank you all for your whole hearted support and co-operation to your Company over the last 15 years which has enabled us to achieve continued success in operational performance as well as excellence in delivery of Insurance services to our valued clients.

Honorable Shareholders,

Achieving success in our business operations in 2015 was not very easy. The year 2015 was particularly characterized by tough underwriting conditions, difficult business environment and stiff competition in the Insurance market. Nevertheless, your Company has managed to achieve premium growth of 12.80% whereas the average overall growth rate of premium in non-life segment of Bangladesh Insurance market was around 6.00%. A comparative overall view of our performance is shown below:

Item 2015(Tk. in millions)

2014 (Tk. in millions)

Trend

Gross Premium Income 453.65 402.17 12.80%Net Premium Income 308.16 242.19 27.24%Profit before tax 78.15 62.06 25.93%Profit after tax 57.32 51.73 10.80Underwriting profit 42.13 (32.10) 132.25%Investment Income 73.91 120.59 -38.71%Total Assets 1534.38 1462.45 4.92%

It would appear from the above table that we achieved significant growth in all business indicators in 2015 against those of 2014 excepting investment income which declined due to significant reduction of interest on our fixed deposits. Based on the operating profit for 2015 we are proposing cash dividend of 10% for the year.

Chairman’s Speech


Dear Shareholders,

Your Company has just stepped into the 16th year of successful business operation and has established itself as one of the leading Insurance Institutions in Bangladesh. You are aware that Mr. Md. Imam Shaheen was appointed as Chief Executive Officer (CEO) of your Company on December 31, 2014. He is a highly qualified and experienced insurance personality in the general insurance field. Under his leadership as CEO the professionally qualified and dedicated officials worked hard as a team over the years to take your Company to new heights of excellence. Your Company devotes utmost attention to Regulatory requirements and has been successful in remaining compliant with all Rules and Regulations prescribed by Regulatory Authority.Our staff members have always been diligent in serving our customers with utmost sincerity and professionalism. They give all the customers the attention they deserve.

The Board of Directors is committed to meet the highest standard of Corporate Governance and Disclosures. The Directors are conscious of their responsibilities in supervision and direction of the affairs of the Company in conformity with the practices of sound Corporate Governance. The Board of Directors firmly believes that practices of good corporate Governance and Transparency are absolutely essential towards ensuring a disciplined & sustainable national economy.

You will also be delighted to know that Asia Insurance has been able to keep up A+ credit rating for the last 4(four) years consecutively as rated by the Credit Rating Information and Service Limited (CRISL) which indicated high claim paying ability, good financial performance and sound solvency position of the Company.

Dear Shareholders,

You are well aware that in the year 2010, we purchased a commercial floor space measuring 21,507 sft at the 14th floor of Rupayan Trade center, 114-115, Kazi Nazrul Islam Avenue, Bangla Motor, Dhaka-1215.Meanwhile, we have completed registration formalities and are expecting to shift the Head office in our own premises by the end of 2016.

I am grateful to all the Board members of the Company for extending their sincere support to achieve remarkable progress in all aspects during the year 2015.

I must express my sincere gratitude to our clients, Shareholders, The Insurance Development &Regulatory Authority (IDRA), Bangladesh Securities and Exchange Commission and Stock Exchanges for their continuous support and co-operation in our business operation.

Now, I take this opportunity to present the report of the Board of Directors, the audited Balance sheet, the profit and loss account and other relevant financial statements of the year 2015 for your kind consideration and approval.

We all pray to the Almighty Allah for His blessings for the continued and sustainable business success of your Company as well as the progress and prosperity of our beloved nation.

I am looking forward to your continuous support and best wishes in the days to come.

May Allah bless us all. Ameen!

Yussuf Abdullah Harun FCAChairman


HonourableShareholders,

AssalamuAlaikum

Itismygreatpleasuretowelcomeyouallinthe16thAnnualGeneralMeetingofAsiaInsuranceLimited.IwouldtakethisopportunitytoinformyouthatyourCompany,AsiaInsuranceLimited,haspassedanothersuccessfulyearinthefaceofcomplexchallenges.Despitestiffmarketcompetitionduringtheyearandstagnantinvestmentactivities,wesucceededinachievingimprovedresults.Fortheyear2015,wearepleasedtoreportbrieflythefollowing:

Arecord12.80%increaseingrosspremiumwhichnowamountstoBDT.453.64million.

ArecordNetPremiumearningofBDT308.16millionwhichis27.24%higherthanthatoflastyear.

FixedDepositincreaseby5.52%fromBDT.608.17to641.73million.

UnderwritingProfitstoodatBDT42.13millioninplaceoflossofBDT.32.10millionin2014.

Netprofitbeforetaxincreasedby25.93%despitedecreaseofInterest&othersincomeby38.71%.

IncreaseofEarningsperShare(EPS)by10.91%.

IncreaseoftotalAssetby4.92%fromBDT.1462.44to1534.38million.

OurITinfrastructurehasfurtherbeenstrengthenedbyinstallingIntegratedInsuranceManagementSystemforprovidingbetterandquickerservicetoourclientsinaverytransparentmanner.Allofour21branchofficeshavebeenautomatedandbroughtunderonlinesupportalloverthecountry.

CEO’S Speech


DearShareholders,

Youwillagreethatourgreateststrengthistheprofessionalism,reputationandintegrityofourHon’bleBoardofDirectors.WearegratefulforthestrategicsupportandsenseofdirectionprovidedbytheBoardtosteertheCompanytogreatersuccess.

ThesuccessofyourCompanyhasbeenpossiblealsobecauseof theco-operation fromourvaluedclients,prudenceofthemanagement,hardworkofalltheofficersandstaffandco-operationofallothershareholders&regulatorsovertheyear.

Wealwaysprioritizeourlongtermfinancialgoalsandsustainablegrowthinourbusinessoperations.Besides,itisourobjectivetomaintainandcontinuallyimprovequalityofinsuranceservices,activities,processes,proceduresandHumanResourcedevelopment.

WebelievethegainsduringtheprecedingyearwillhelpustoachievebetterpositionoftheCompanyinnearfuture.Ourstrategyistoenhancestrengthbyfocusingonareaswherewehaveanadvantageatpresentandwherewecangrowfasterthanourcompetitorsinthedaystocome.

Wefirmlybelievethatwehavebeenintherighttrackofourstrategicplanningforsteadygrowthinallareasofourbusiness.Despiteeconomicdisruptionsandimbalancesintheinsurancemarket,wearemovingforwardinlinewithourstrategiesforsustainablegrowthinallaspects.

Isincerelyconveymythankstoallourshareholders,clientsandall regulatorsforreposingtheirunshakabletrustandconfidenceonusinmakingtheyear2015asuccessfulone.IalsoexpressmyheartfeltgratitudetotheHon’bleChairmanaswellastoalltheDirectorsfortheirprudentguidelinesandsupportroundtheyear.

Finally,Iexpressmythanksandappreciationtoallmycolleaguesfortheirhardwork,dedicationandsinceritytoachievethebusinessobjectivesoftheCompanyinthefaceofatoughcompetitiveenvironment.Wearealllookingforwardforabetter2016.

MayAllahblessusall.

Md. Imam ShaheenChiefExecutiveOfficer

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Gw`‡K 2006-07 A_© eQ‡ii wR wW wcÕi cÖe„w× 7.6% DbœxZ nIqvi ci cieZ©x eQi mg~‡n ZvÕ 6 kZvs‡ki Ni n‡Z †ewi‡q Avm‡Z bv cvi‡jI †`‡ki A_©bxwZi MwZ cÖK…wZ I cÖvß Z_¨ DcvË we‡køl‡b PjwZ A_© eQ‡i wR wW wc cÖe„w× 7% AwZµ‡gi †iKW© AR©b Ki‡e e‡j g‡b Kiv n‡”Q | †hLv‡b †`‡ki wR wW wc cÖe„w× wQj 2014-15 A_© eQ‡i 6.51% Ges 2013-14 A_© eQ‡i 6.06 Ges 2012-13 A_© eQ‡i wQj 6.01% |

‡`‡ki cÖe„w×i Kvw•LZ jÿ¨gvÎv AR©‡bi Rb¨ wewb‡qvM evov‡bvi cvkvcvwk eëmv evwb‡Rï mwµq cwi‡ek ìKvi | GQvov bZzb g~mK ev f¨vU AvBb Kvh©Ki, f~wg †iKW© I f~wg nvZ e`j eë¯’v, ißvwb evav `~i, †Zj I we`~¨r‡Zi `vg †hŠw³K ch©v‡q bvwg‡q Avbv, Avw_©K Lv‡Z k„•Ljv kw³kvjx Kivi w`‡K AwaK g‡bv‡hvMx n‡Z n‡e |

A_©‰bwZK Dbœq‡bi ̄ ^v‡_© ga¨‡gqv`x Kibxq wnmv‡e ga¨‡gqv`x we`~¨r, R¡vjvbx I †hvMv‡hvM eë¯’vi Dbœq‡bi cvkvcvwk evwbwR¨K AeKvVv‡gvi NvUwZ ̀ ~i Ki‡Z n‡e | ̄ ^í †gqv‡` evsjv‡`‡ki A_©bxwZi cÖvq me¸‡jv m~PK BwZevPK i‡q‡Q | D”P cÖe„w×i aviv mgybœZ †i‡L ˆZwi †cvkvK ißvwb I †`‡ki Af¨šÍixb evRvi Pvwn`v, eëmvi cwi‡e‡ki DbœwZ, miKvix-‡emiKvix Aswk`v‡ii (wc wc wc) AMÖMwZ Ges miKv‡i cÖKí ev¯Íevq‡bi `ÿZv Av‡iv evov‡bv ‡M‡j †`‡k A_©bxwZ Av‡iv MwZ mÂvi n‡e |

Gw`‡K, Gwkqvb Dbœqb e¨vsK 2016-17 A_© eQ‡ii cÖe„w× cÖ‡ÿcbKv‡j AwfgZ e¨v³ K‡i †h, GB mgq evsjv‡`‡ki (wRwWwc) cÖe„w× †e‡o `vuov‡e 6.9% G | Z‡e cÖe„w×i GB MwZ a‡i ivL‡Z n‡j ivR‰bwZK w¯’wZkxjZv jvM‡e| Kvib Af¨šÍixb kvšÍ ivR‰bwZK cwi‡ek †fv³v I wewb‡qvMKvix‡ì AvZ¥wek¦vm evov‡Z mnvqZv K‡i |

mÂq I wewb‡qvM t

2013-14 A_© eQ‡i wR.wW.wcÕi †`kR mÂq I RvZxq mÂ‡qi nvi h_vµ‡g 22.09 kZvsk I 29.23 kZvsk | G‡ÿ‡Î 2014-15 A_© eQ‡i ‡`kR mÂq I RvZxq mÂ‡qi nvi cÖv°jb Kiv n‡qwQj h_vµ‡g wR.wW.wcÕi 22.30 kZvsk I 29.01 kZvsk | wKš‘ wR.wW.wcÕi kZKiv nv‡i †`kR mÂq MZ eQ‡ii Zzjbvq wKQzUv e„w× †c‡jI RvZxq mÂq wKQzUv K‡g‡Q | Ab¨w`‡K, ‡emiKvix wewb‡qvM wR.wW.wcÕi kZKiv nvi cÖvq AcwieZ©xZ i‡q‡Q | Z‡e miKvix wewb‡qvM e„w×i d‡j mvwe©K wewb‡qvM e„w× †c‡q‡Q |

g~j¨ùxwZt

AvšÍRv©wZK evRv‡i R¡vjvbx †Z‡ji g~j¨ mn Ab¨vb¨ cb¨ g~j¨ n«vm cvIqv Ges Af¨šÍixb Drcv`b cwiw¯’wZ m‡šÍvlRbK nIqvq mvwe©K g~j¨ g~j¨ùxwZ n«vm †c‡q‡Q | 2013-14 A_© eQ‡i evwl©K Mo g~j¨ùxwZ c~e©eZ©x eQ‡ii 6.78 kZvsk n‡Z e„w× †c‡q `vuovq 7.35 kZvsk | GB mg‡q Lv`¨ g~j¨ùxwZ wKQzUv DaŸ©g~Lx n‡jI Lv`¨ ewnf~©Z g~j¨ùxwZi cÖebZv wbb¥g~Lx wQj | 2014-15 A_© eQ‡ii ïiæ n‡Z L‡`ï g~j¨ùxwZ n«vm †c‡jI Lv`¨ ewnf~~©Z g~j¨ùxwZi DaŸ©g~Lx Pvc cwijwÿZ nq | Gw`‡K, mv¤úªwZK mg‡q D™¢~Z Aw¯’iZv ¯^vfvweK nIqvq Ges mZK© g~`ªvbxwZ Abymi‡bi d‡j Lv`¨ ewnf~©Z g~j¨ùxwZ µgkt n«vm †c‡q‡Q |


evsjv‡`‡ki c~uwRevRvi t

†`‡ki cyuwRevRvi cwiw¯’wZ A‡b‡KUvB w¯’wZkxj ch©v‡q i‡q‡Q | XvKv ÷K G·‡PÄ wjwg‡U‡Wi ZvwjKvf~³ wmwKDwiwU‡Ri msL¨vq c~‡e©i eQi ¸‡jv n‡Z µgvš^‡q e„w× cwijwÿZ nq | Ab¨w`‡K PUªMÖvg ÷K G·‡P‡Äi ZvwjKvf~³ wmwKDwiwU‡Ri msL¨v XvKv ÷K G·‡P‡Äi b¨vq c~‡e©i eQi ¸‡jv n‡Z µgvš^‡q e„w× †c‡q‡Q | ‡`‡ki `yBwU ÷K G·‡P‡ÄB mKj wmwKDwiwU‡Ri †gvU evRvi g~ja‡bi AvKviI e„w× ‡c‡q‡Q |

Gw`‡K, cyuwRevRvi kw³kvjx Ki‡bi j‡ÿ¨ wewfbœ ms¯‹vi Kvh©µg ev¯Íevqb Ae¨vnZ ivLv mn 2014-15 A_© eQ‡i cyuwRevRvi mswkøó KwZcq AvBb cÖbqb/ms‡kvab Kvh©µg Mªnb Kiv n‡q‡Q | hvÕ wb‡b¥ wee„Z n‡jv t

1) ZvwjKvf~³ †Kv¤úvbx mg~‡ni Special Audit Gi bxwZgvjv ms‡hvRb K‡i Securities and Exchange Rules 1987 ms‡kvab Kiv n‡q‡Q |

2) AvB.wc.I-‡Z Av‡e`bK…Z †Kv¤úvbxi m¤ú` g~j¨vq‡bi bxwZgvjv cÖbqb Kiv n‡q‡Q |

3) Securities and Exchange Ordinance 1969 Gi Section 2 CC cÖ`Ë ÿgZv e‡j Kwgkb AvB. wc.I, ivBU Bm~¨ Ae K¨vwcUvj wel‡q KwÛkb hy³ K‡i †bvwUwd‡Kkb Rvix K‡i‡Q |

4) Securities and Exchange Ordinance 1969 Gi Section 20 (A) Gi cÖ`Ë ÿgZv e‡j ÷K †eªvKvi/÷K wWjvi Ges gv‡P©›U e¨vsKvi mg~‡ni Av`vqK…Z ÿwZi wecix‡Z iwÿZe¨ cÖwfkb msiÿb wel‡q Kwgkb wb‡`©kbv Rvix K‡i‡Q |

5) CSE & DSE (Listing) Regulation’2015 RvixKib |

g~`ªv I Avw_©K LvZ t

†`‡k g~`ªvbxwZi Pvc‡K cwiwgZ ch©v‡q †i‡L cÖe„w× mnvqK AšÍf©~w³g~jK I wewb‡qvMevÜe mZK© g~`ªvbxwZ Ab~mib Kiv n‡”Q | GRb¨ evsjv‡`k e¨vsK g~`ªvbxwZ‡Z Fb I A_©vqb bxwZ †KŠkj cÖ‡qvRbgZ eënvi Ki‡Q Ges Drcv`bkxj Lv‡Z ch©vß Fb †hvMv‡bi gva¨‡g wewb‡qvM e„w× Ki‡bi c`‡ÿc †bIqv n‡q‡Q |

Gw`‡K, wiRvf© g~`ªvi cÖe„w× wKQzUv e„w× †c‡jI msK©xb© g~`ªv Ges e¨vcK g~`ªvi cÖe„w× wKQzUv n«vm †c‡q‡Q | Ab¨w`‡K Rbmvavi‡bi nv‡Z _vKv Kv‡iwÝ †bvU I e¨vsK ewnf~©Z g~`ªvi cÖe„w× wKQzUv e„w× †c‡jI Zjwe Avgvb‡Zi cÖe„w× e¨vcK n«v‡mi d‡j msK©xb© g~`ªvi cÖe„w× n«vm N‡U‡Q |

Ab¨w`‡K, †gqv`x Avgvb‡Zi cÖe„w× nªv‡mi d‡jI mvwe©K fv‡e e¨vcK g~`ªvi cÖe„w× K‡g‡Q | GQvov evsjv‡`k e¨vs‡Ki bxU ê‡`wkK m¤ú‡ì cÖe„w× n«vm †c‡jI bxU Af¨šÍixb m¤ú‡ì e¨vcK cÖe„w× nIqvq wiRvf© g~`ªvi cÖe„w× e„w× †c‡q‡Q | Gw`‡K, e¨vsK ¸‡jvi g‡a¨ cÖwZ‡hvwMZvg~jK cwi‡ek m„wói gva¨‡g my‡ì nvi †hŠw³Kx Ki‡b evsjv‡`k e¨vsK e¨vwbwR¨K e¨vsK mg~n‡K mgq mgq wb‡`©kbv cÖ`vb Ae¨vnZ †i‡L‡Q |

GQvov D”PZi SuzwKevnx †fv³vFb I Gm Gg B Fb Qvov Ab¨vb¨ Lv‡Z Ges Avgvb‡Zi Intermediation Spread wbb¥Zi GK AsK (Lower Single Digit) ch©v‡q mxwgZ ivLvi wb‡`©kbv cÖ`vb Kiv n‡q‡Q |


m¤¢vebv t

cwiewZ©Z êwk¦K I Af¨šÍixb cwiw¯’wZ we‡ePbvq †`‡k Medium Term Macroeconomic Frame Work- MTMF 2016-2018 cªbxZ n‡q‡Q | GB ga¨ ‡gqv`x mvgwóK A_©‰bwZK KvVv‡gv‡Z AvMvgx 2015-16 A_© eQ‡i wR.wW.wc cÖe„w× 7.0 kZvsk Ges µgvš^‡q ZvÕ e„w× †c‡q 2016-17 A_© eQ‡i 7.2 kZvsk Ges 2017-18 A_© eQi bvMv` 7.4 kZvs‡k DbœxZ n‡e e‡j cÖv°jb Kiv n‡q‡Q |

wewb‡hvM 2014-15 A_© eQ‡ii wR.wW.wcÕi 29.0 kZvsk n‡Z e„w× †c‡q 2015-16 A_© eQ‡i wR.wW.wc 30.1 kZvs‡k ùov‡e| wewb‡qv‡Mi GB aviv Ae¨vnZ †i‡L 2016-17 A_© eQ‡ii wR.wW.wc 31.0 kZvsk Ges 2017-18 A_© eQ‡i wR.wW.wc 31.8 kZvs‡k wewb‡qvM DbœxZ nIqvi jÿ¨gvÎv wba©vib Kiv n‡q‡Q |

ga¨‡gqv`x mvgwóK A_©‰bwZK KvVv‡gv (MTMF)-G wR.wW.wc cÖe„w×i wba©vwiZ jÿ¨gvÎv AR©b KwZcq Lv‡Zi Dbœqb Kvh©µg ev¯Íveq‡bi Dci wbf©i K‡i | wkÿv, ¯^v¯’¨, Z_¨ I †hvMv‡hvM cÖhyw³ Lv‡Z ¸iæZ¡ cÖ`v‡bi gva¨‡g `ÿ Rbkwÿ ˆZix Ges we`y¨r I †hvMv‡hvM mn Ab¨vb¨ AeKvVv‡gv Lv‡Z mgwš^Z Dbœqb G‡ÿ‡Î f~wgKv ivL‡e | GQvov K…wlLv‡Z jÿ¨wfg~Lx f~Z©Kx cÖ`v‡bi gva¨‡g K…wl Lv‡Zi cÖe„w× mgybœZ ivLv, †iwg‡UÝ Gi cÖevn Avkvbyiæc ivLvi j‡ÿ¨ wewfbœ c`‡ÿc MÖnb Ges Af¨šÍixb Pvwn`vi e¨vcKZv I †mev Lv‡Zi cÖe„w× Ae¨vnZ ivLv ga¨ †gqv`x jÿ¨gvÎv AR©‡b mnvqK n‡e |

GQvov evwl©K Dbœqb Kg©m~Pxi m‡šÍvlRbK ev¯Íevqb, AbyDrcv`bkxj Lv‡Z Fb mieivn wbiæmvwnZ Kiv Ges AMÖvwaKvi wfwË‡Z F‡bi †hvMvb wbwðZ Kivi wewfbœ c`‡ÿc GB mg‡q wba©vwiZ jÿ¨gÎv AR©‡b Ae`vb ivL‡e | cvkvcvwk cÖe„w× mnvqK ivRbxwZi cÖfv‡e †emiKvix wewb‡qvM Z¡ivwš^Z Kiv Ges ivR¯^ Lv‡Z Ges Avw_©K I g~`ªv Lv‡Zi bvbvg~Lx ms¯‹vi eëmv I wewb‡qv‡M Av¯’v wdwi‡q Avbv ga¨ †gqv‡ì jÿ¨gvÎv Abyhvqx cÖe„w× AR©‡b ¸iæZ¡cyb© f~wgKv ivL‡e e‡j Avkv Kiv hv‡”Q |

Gwkqv BÝy¨‡i‡Ýi †kqvi I Gi gvwjKvbv Ges †kqvi cÖwZ Avq, bxU m¤ú` g~j¨ I eQi wfwËK jf¨vsk †Nvlbv t

cuywRevRv‡ii †gŠjwfwË we‡ePbvq wewb‡qvMKvixMb g~jZt jvfRbK †kqv‡iB Zv‡ì A_© wewb‡qv‡Mi welqwU we‡ePbv K‡i _v‡Kb |

Gwkqv BÝ~¨‡iÝ wjwg‡U‡Wi †kqvi ‡kqvi‡nvìviM‡bi Rb¨ jf¨vsk ‡Nvlbvi avivevwnKZv, †kqvi cÖwZ bxU m¤ú` g~j¨ I Kvh©µg cÖm~Z bM` cÖevn Ges mvavib mwÂwZ I †kqvi cªwZ Av‡qi wecix‡Z evRvi g~j¨ we‡ePbvq †Kv¤úvbxi †kqviwU m‡PZb wewb‡qvMKvix‡ì Kv‡Q cQ›`bxq Ges AvKl©bxq GKwU †kqvi | ‡Kv¤úvbxi †kqv‡ii cÖwZ †kqvi‡nvìviM‡bi gv‡S we`¨gvb Av¯’v‡K Aÿzbœ ivLvi Rb¨ †`‡ki exgv evRv‡i wea¨gvb bvbvwea Amy¯’ Kvh©µ‡gi gv‡SI Gwkqv BÝ~¨‡iÝ wjwg‡UW Gi cwiPvjbv cwil`, eë¯’vcbv KZ…©cÿ I me©¯Í‡ii Kg©KZ©v-Kg©Pvixe„›` †Kv¤úvbxi cÖe„w× e„w×‡Z wbôv, mZZv I AvšÍwiKZvi mv‡_ KvR K‡i hv‡”Q | G‡ÿ‡Î g~j jÿ¨B n‡”Q †Kv¤úvbxi †kqvi wewb‡qvMKvix †kqvi‡nvìviM‡bi š^v_© msiÿb |

Gw`‡K, †Kv¤úvbxi †kqvi AvB.wc.I †Z hvIqvi ci µq-weµ‡qi wnmve Abyhvqx 25‡k RybÕ2009 Zvwi‡L XvKv ÷K G·‡PÄ I PUªMÖvg ÷K G·‡P‡Ä †Kv¤úvbxi †kqvi †jb‡`b ïiæi w`b n‡Z A`ëwa †Kv¤úvbxi †kqvi µq-weµ‡q wewb‡qvMKvix‡ì m¤ú„³Zvi wnmv‡e 2009 n‡Z 2015Bs ch©šÍ cÖwZ eQ‡ii 31†k wW‡m¤î Zvwi‡Li Kvh©wèm †k‡l cÖvß wnmve Abyhvqx ewb©Z eQi wfwËK †kqvi‡nvìvi msL¨v wbb¥iæc


eQi †kqvi‡nvìvi msL¨v (31‡k wW‡m¤î Zvwi‡L)2009 2,1642010 7,7762011 10,1092012 9,6012013 10,2962014 8,9762015 7,286

Aciw`‡K 2015Bs mv‡ji 31‡k wW‡m¤î Zvwi‡L †Kv¤úvbxi cwi‡kvwaZ g~ja‡bi †kqvi msL¨v 2014 mv‡ji b¨vq 4,70,69,858 wU †Z w¯’Z i‡q‡Q hvÕ 2013Bs mv‡j wQj 4,48,28,437wU|

†Kv¤úvbxi †kqvi msL¨vi wfwË‡Z eQi wfwËK †kqvi cÖwZ Avq I bxU m¤ú` g~j¨ wb‡gœ D‡jøL Kiv n‡jv |

†Kv¤úvbxi eQi wfwËK †kqvi cÖwZ Avq wbb¥iƒc t

eQi †kqvi cÖwZ Avq2009 31.19 (‡kqvi cÖwZ AwfwnZ g~j¨ -100/- UvKv)2010 11.99 (‡kqvi cÖwZ AwfwnZ g~j¨ -10/- UvKv)2011 1.48 (‡kqvi cÖwZ AwfwnZ g~j¨ -10/- UvKv)2012 1.64 (‡kqvi cÖwZ AwfwnZ g~j¨ -10/- UvKv)2013 1.93 (‡kqvi cÖwZ AwfwnZ g~j¨ -10/- UvKv)2014 1.10 (‡kqvi cÖwZ AwfwnZ g~j¨ -10/- UvKv)2015 1.21 (‡kqvi cÖwZ AwfwnZ g~j¨ -10/- UvKv)

†Kv¤úvbxi †kqv‡ii eQi wfwËK bxU m¤ú` g~j¨ wbb¥iƒct

eQi †kqvi cÖwZ bxU m¤ú` g~j¨2009 169.00 (‡kqvi cÖwZ AwfwnZ g~j¨ -100/- UvKv)2010 27.00 (‡kqvi cÖwZ AwfwnZ g~j¨ -10/- UvKv)2011 26.28 (‡kqvi cÖwZ AwfwnZ g~j¨ -10/- UvKv)2012 18.21 (‡kqvi cÖwZ AwfwnZ g~j¨ -10/- UvKv)2013 18.32 (‡kqvi cÖwZ AwfwnZ g~j¨ -10/- UvKv)2014 17.11 (‡kqvi cÖwZ AwfwnZ g~j¨ -10/- UvKv)2015 17.28 (‡kqvi cÖwZ AwfwnZ g~j¨ -10/- UvKv)

Gw`‡K 2000Bs mv‡j †Kv¤úvbxi eëmvwqK Kvh©µg n‡Z 2014Bs mvj ch©šÍ Aby‡gvw`Z g~ja‡bi wecix‡Z cwi‡kvwaZ g~ja‡bi cwigvbI D‡jøL¨‡hvM¨ fv‡e evo‡jI 2014Bs mv‡ji wbixwÿZ wnmv‡ei wfwË‡Z †kqvi‡nvìviMb‡K ïaygvÎ bM` jf¨vsk cÖ`vb Kivq †Kv¤úvbxi cwi‡kvwaZ g~jab 2015Bs mv‡jI 2014Bs mv‡ji b¨v‡q AcwieZ©©xZ i‡q‡Q |


wb‡gœ 2008Bs mvj n‡Z 2015Bs mvj ch©šÍ †Kv¤úvbxi Aby‡gvw`Z I cwi‡kvwaZ g~ja‡bi cwigvb †`Lv‡bv n‡jv t

eQi Aby‡gvw`Z g~jab cwi‡kvwaZ g~jab2008 30,00,00,000 6,00,00,0002009 30,00,00,000 15,00,00,0002010 1,00,00,00,000 16,50,00,0002011 1,00,00,00,000 37,12,50,0002012 1,00,00,00,000 42,69,37,5002013 1,00,00,00,000 44,82,84,3702014 1,00,00,00,000 47,06,98,5802015 1,00,00,00,000 47,06,98,580

Aciw`‡K †Kv¤úvbx cÖwZôvi ci n‡Z AwR©Z gybvdvi wfwË‡Z †kqvi‡nvìviMb‡K †h jf¨vsk cÖ`vb I ‡Nvlbv n‡q‡Q ZvÕ wb‡gœ wee„Z n‡jv |

eQi bM` jf¨vsk g~jabx jf¨vsk †gvU jf¨vsk2000 5% - 5%2001 7% - 7%2002 8.50% - 8.50%2003 10% - 10%2004 10% - 10%2005 12% - 12%2006 12% - 12%2007 15% - 15%2008 16% - 16%2009 - 10% 10%2010 25% 25% 50%2011 15% 15% 30%2012 10% 5% 15%2013 15% 5% 20%2014 10% - 10 %

2015(mycvwik K…Z) 10% - 10 %

exgv wkí Ges evsjv‡`‡ki eZ©gvb exgv evRv‡ii cwiw¯’wZ t

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Z_¨ cÖhyw³ t

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Report of the Chairman,Audit Committee

The audit committee of the Asia Insurance Limited is a sub-committee of the Directors appointed by the Board of the Company. The Audit committee comprises of the following members.

Chairman : Mr. Zakir Ahmed Khan- Independent DirectorMembers : Mr. Alamgir Kabir FCA - Director : Mr. Abul Bashar Chowdhury- Director : Mr. Mahbubul Alam- Director : Mr. Md. Jahangir Alam- Director : Mrs. Khaleda Begum- Director : Mr. Tarik Sujat- Director

: Mr. Mohammad Ali Khokan- Director : Mr. Md. Imam Shaheen- Chief Executive OfficerThe committee operates according to the terms of reference approved by the Board and in compliance with section 3.00 of the Bangladesh Securities and Exchange Commission’s notification No. SEC/CMRRCD/2006-158/134/Admin/44 dated 7th August 2012. The committee is accountable for all audit activities and report to the Board of Directors of the Company. The key role of the Audit committee is to monitor, review and examine the financial statements, corporate governance practices, internal control systems and risk management activities of the Company.

Resolutions of the Audit Committee Meeting:

During the year 2015, the committee focused on the following activities.

1. Reviewed the various reports of the Internal auditor and their recommendations to take appropriate actions to the management where needed.

2. The Audit Committee approved the internal audit plan for the year 2015 and gave directions to the internal auditor where appropriate for carrying out in depth audit.

3. Monitored internal control Risk Management process. A separate internal control team is in place to ensure effective performance of internal control activities.

4. Reviewed the reliability and consistency of the financial statements of the Company to ensure that the internal control and compliance procedures are adequate to present a true and fair view of the Company’s state of affairs for the year 2015.

5. Reviewed the annual, half-yearly and quarterly accounts statements of the Company and its subsidiaries before submission to the Board for approval.

The members of the audit committee express their thanks to the Board of Director and the management for their cooperation while performing its duties and responsibilities.

Zakir Ahmed KhanChairman


Corporate GovernanceEvery Company has its vision and mission in corporate system to achieve the goal through accountability, responsibility, transparency, fairness for the best interest of stakeholders those should have been in corporate governance. Asia Insurance Limited is the top listed non-life insurance Company of our country. The Board of Director of Asia Insurance Limited has the major role to ensure the corporate governance by providing policy making to the management for implementation. The Board of Director of Asia Insurance Limited formulates the Vision, Objective and strategic goals to safeguard the interest of client, service provider, regulatory bodies, shareholders and employees. The Chief Executive Officer (CEO) implements the decision of the Board to establish high standard of corporate governance. Asia Insurance Limited trust that its corporate governance practice comply with all the aspects of BSEC Notification no: BSEC/CMMRRCD/2006-158/129/Admin/43, Dated: 03 July’2012.

Composition of the Board:

The Board consists of 13 Directors of which 9 are sponsor Directors, 3 are public Shareholder Directors and 1 is independent Director. They possess a wide range of skills, talencies and quite experience over a range of professions, business and services. They discharge their responsibilities and duties under the existing law efficiently and effectively. The Board is fully empowered to control over the Company’s affairs and is entirely accountable to the shareholders. The Board formulates the strategic objectives, policy framework and assesses the performance of management.

Role and responsibilities of the Board: The Board of Asia Insurance Limited exercises the following functions as per charter of the Board.

• To determine strategies, policies, management performance criteria and business plan alongwith monitoring and evaluating of the same.

• Reporting on the affairs, progress and performance of the Company to the shareholders timely and periodically.

• Delegation of power to Board committee and management and approval of transaction in excess of delegated power.

• Approval of Annual Budget of all expenditure including capital ones.

• Regular review of all kinds of financial matters.

• Appointments, Evaluation and overall supervision of the performance of the top management.

• Ensuring of necessary skill and experience of the senior executives to perform their function efficiently for the sake of best interest of the Company

Role of the Chairman:

The Chairman is the Head of the Board and he runs the Board. He takes decision regarding any matter in consultation with the Board members. The Chairman determines composition and organization of the Board. He informs the Board regarding its management and responsibilities. The Chairman also plan and manage the Board and committee meetings. He has also the responsibilities to develop the effectiveness of the Board.

Role of the Chief Executive Officer (CEO):

The Chief Executive Officer takes executives decision within the jurisdiction of power delegated and empowered by the Board. His duties and responsibilities are also followed by guideline of IDRA. The CEO is engaged in the day-to-day affairs of the Company. He is responsible to implement the Board strategy and policy and accountable to the Board for operational activities of the Company.


Compliance Report to BSEC NotificationStatus of compliance with the conditions imposed by the Bangladesh Securities and Exchange Commission’s Notification No.SEC/CMRRCD/2006-158/134/Admin/44dated 07 August, 2012 issued under section 2CC of the Securities and Exchange Ordinance, 1969:

Condition No Title Complied

Compliance status (Put √ in the

appropriate column) Remarks(if any)

Not complied

1 BOARD OF DIRECTORS:1.1 Board’s Size [number of Board members to be 5 - 20] √1.2 Independent Directors1.2 (i) Number of Independent Directors [at least 1/5] - - Appointed 1

Independent Director and to follow the Insurance ACT’2010 & Complience of BSEC notification another Independent Director appoinments are under porcess.

1.2(ii) Independent Director (ID) means a director: √

1.2(ii)(a) Holding no share or holding less than 1% shares √1.2 (ii) (b) Not being a sponsor and connected with

any sponsor or director or shareholder holding 1% or more shares

√

1.2 (ii) (c) Not having any pecuniary or otherwise relationship with the Company or its subsidiary/associated companies

√

1.2 (ii) (d) Not being member/director/officer of any stock exchange

√

1.2 (ii) (e) Not being shareholder/director/officer of any member of stockexchange or intermediary of capital market

√

1.2 (ii) (f) Not being partner/executive at present or during the preceding 3 years of the Company’s statutory audit firm

√

1.2 (ii) (g) Not being an ID in more than 3 listed companies √1.2 (ii) (h) Not convicted as defaulter in any loan of a bank

or NBFI√





Not complied

1.2 (ii) (i) Not convicted for a criminal offence √1.2 (iii) To be appointed by BOD and approved in the

AGM√

1.2 (iv) The post cannot remain vacant for more than 90 days

- No such situation occurred

1.2 (v) Laying down of code of conduct of Board members and recording of annual compliance of the code

√

1.5(xxi) Pattern of shareholding (along with name wise details) by-

1.5(xxi)(a) Parent/Subsidiary/Associate Companies & related parties

√

1.5(xxi)(b) Directors, CEO, CS, CFO, HOIA, their spouses & children

√

1.5(xxi)( c) Executives (Top 5 salaried employees other than above)

√

1.5(xxi)(d) Shareholders holding 10% or more voting interest √1.5(xxii) In case of the appointment/re-appointment of a director1.5(xxii) (a)

A brief resume of the director √

1.5(xxii) (b)

Nature of his/her expertise in specific functional areas

√

1.5(xxii) (c)

Names of companies in which he/she holds directorship and the membership of committees of the board

√

2 CFO, HEAD OF INTERNAL AUDIT AND CS:2.1 Appointment of a CFO, a Head of Internal Audit and

a CS anddefining their roles, responsibilities & duties

√

2.2 Attendance of CFO and CS in the meetings of the Board

√

3 AUDIT COMMITTEE:3(i) Having Audit Committee as a sub-committee of

the BOD√

3 (ii) Audit Committee to assist the BOD in ensuring fairness offinancial statements and a good monitoring system

√

3 (iii) Audit Committee being responsible to the BOD; duties of Audit Committee to be clearly set forth in writing

√

3.1 Constitution of the Audit Committee





Not complied

3.1(i) Audit Committee to be composed of at least 3 members

√

3.1(ii) Audit Committee members to be appointed by BOD and at least one Independent Director to be included

√

3.1(iii) Audit Committee members to be “financially literate” and at least one to have accounting/financial experience

√

3.1(iv) Vacancy in Audit Committee making the number lower than 3to be filled up immediately and within 1 month

√

3.1 (v) The CS to act as the secretary of the Audit Committee

√

3.1 (vi) No quorum in Audit Committee meeting without one ID

√

3.2 Chairman of the Audit Committee3.2 (i) Chairman to be an ID, selected by the BOD √3.2 (ii) Chairman of Audit Committee to remain present

in AGM√

3.3 Role of Audit Committee3.3 (i) Oversee the financial reporting process √3.3 (ii) Monitor choice of accounting policies and

principles√

3.3 (iii) Monitor Internal Control Risk management process

√

3.3 (iv) Oversee hiring and performance of external auditors

√

3.3 (v) Review the annual financial statements √3.3 (vi) Review the quarterly and half yearly financial

statements√

3.3 (vii) Review the adequacy of internal audit function √3.3 (viii) Review statement of significant related party

transactions√

3.3 (ix) Review Letters issued by statutory auditors √3.3 (x) Review disclosures/statements/declarations

about uses of funds raised through IPO/RPO/Rights Issue

- - N/A

3.4 Reporting of the Audit Committee3.4.1 Reporting to the Board of Directors3.4.1 (i) Reporting on the activities of Audit Committee √3.4.1 (ii) (a)

Reporting on conflicts of interests - - No Such Event occurred.





Not complied

3.4.1 (ii) (b)

Reporting on suspected/presumed fraud or irregularity or material defect in the internal control system

- - No Such Event occurred.

3.4.1 (ii) (c)

Reporting on suspected infringement of laws - - No Such Event occurred.

3.4.1(II) (d)

Reporting on any other matter to disclose immediately

- - No Such Event occurred.

3.4.2 Reporting to BSEC - - No Such Event occurred.

3.5 Reporting to the Shareholders and General Investors

√

4 EXTERNAL / STATUTORY AUDITORS4.00 (i) Non-engagement in appraisal/valuation/fairness

opinions√

4.00 (ii) Non-engagement in designing & implementation of FIS

√

4.00 (iii) Non-engagement in Book Keeping or accounting √4.00 (iv) Non-engagement in Broker-Dealer services √4.00 (v) Non-engagement in Actuarial services √4.00 (vi) Non-engagement in Internal Audit services √4.00(vii) Non-engagement in services determined by Audit

Committee√

4.00 (viii) Possessing no share by any partner or employee of theexternal audit firm during the tenure of assignment

√

4.00 (ix) Non-engagement in Audit/Certification Services on Compliance of Corporate Governance as required under clause (i) of condition No. 7

√

5 SUBSIDIARY COMPANY5 (i) Composition of BOD to be similar to holding

Company- - N/A

5 (ii) One ID to be in both holding and subsidiary Company

- - N/A

5 (iii) Minutes of Board meetings of subsidiary Company to be placed at following Board meeting of holding Company

- - N/A

5 (iv) Minutes of respective Board meeting of holding Company to state that affairs of subsidiary Company be reviewed

- - N/A

5 (v) Audit Committee of holding Company to review financial statements/ investments of subsidiary Company

- - N/A





Not complied

6 DUTIES OF CEO AND CFO: 6(i) They have reviewed Financial Statement for the

year and that to the best of their knowledge and belief.

√

6(i) (a) These statements do not contain any materially untrue statement or omit any material facts or contain statements that be misleading.

√

6(i) (b) To certify that the statements present a true and fair view of affairs and are in compliance with accounting standards and applicable laws.

√

6(ii) To certify that no transaction is fraudulent, illegal or violation of Company’s code of conduct

√

7 REPORTING AND COMPLIANCE OF CORPORATE GOVERNANCE:7(i) Obtaining certificate regarding compliance and

sending it to shareholders along with the Annual Report

√

7 (ii) To state, in accordance with annexure, in directors’ report whether the conditions has been complied with

√


CEO’s and CFO’s Declarationto the Board of Directors

In accordance with the condition No. 06 of BSEC notification No. SEC/CMRRCD/2006-158/134/Admin/44 dated 7 August 2012 we hereby certify that,

1. We have reviewed financial statements for the year 2015 and that to the best of our knowledge and belief.

a. These statements do not contain any materially untrue statement or omit any material fact or contain statements that might be misleading;

b. These statements together present a true and fair view of the Company’s affairs and are in compliance with existing accounting standards and applicable laws.

2. There are, to the best of knowledge and belief, no transactions entered into by the Company during the year which are fraudulent, illegal or violation of the Company’s code of conduct.

Md. Rafiqul Islam Md. Imam ShaheenChief Financial Officer Chief Executive Officer

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Auditors’ Report & Financial Statements


AUDITORS’ REPORTTO THE SHAREHOLDERS OF ASIA INSURANCE LIMITED

We have audited the accompanying Financial Statements of Asia Insurance Limited which comprise of the Statement of Financial Position as at 31 December 2015, the related Revenue Accounts, Profit and Loss Appropriation Account, Statement of Profit and Loss Account and Other Comprehensive Income, Statement of Changes in Equity and Statement of Cash flows for the year then ended and a summary of the significant accounting policies and other explanatory information.

Management’s Responsibility for the Financial Statements

Management of Asia Insurance Limited is responsible for the preparation and fair presentation of these Financial Statements of the insurance Company in accordance with the Bangladesh Financial Reporting Standards (BFRSs), the Companies Act 1994, the Insurance Rules 1958, Insurance Act 2010, the Securities and Exchange rules 1987, Rules and Regulations issued by the Insurance Development & Regulatory Authority (IDRA) and other applicable laws and regulations. Those responsibilities include designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatements, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.

Auditors’ Responsibility

Our responsibility is to express an opinion on these Financial Statements based on our audit. We have conducted our audit in accordance with the Bangladesh Standards on Auditing (BSAs). Those standards require that we comply with relevant ethical requirements and plan and perform the audit in order to obtain reasonable assurance about whether the Financial Statements are free from material misstatements.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the Financial Statements. The procedures selected depend on the Auditor’s judgment, including the assessment of the risk of material misstatement of the Financial Statements, whether due to fraud or error. In making those risk assessments; we consider internal control relevant to the entity’s preparation and fair presentation of the Financial Statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s Internal Control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the Financial Statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the Financial Statements prepared in accordance with the Bangladesh Financial Reporting Standards (BFRSs), give a true and fair view of the Financial Position of Asia Insurance Limited as at 31 December, 2015 and the results of the Financial Performance and the Cash Flows for the year then ended and comply with the Companies Act 1994, the Insurance Act 2010, Insurance Rules 1958, the Securities and Exchange Rules 1987 and the other applicable laws and regulations.


We further report that:

a. We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit and made due verification thereof;

b. In our opiwwwnion, proper books of accounts as required by law have been kept by the Company so far as it appeared from our examination of those books and proper returns adequate for the purpose of our audit have been received from the branches not visited by us;

c. The Company’s Statement of Financial Position, Statement of Profit and Loss Account and Other Comprehensive Income and Cash flows dealt with by the report are in agreement with the books of accounts and returns;

d. The expenditures incurred were solely for the purpose of the Company’s business;

e. As per Section-63(2) of the Insurance Act-2010 as amended, we certify that to the best of our knowledge and belief and according to the information and explanations given to us, all expenses of management wherever incurred and whether incurred directly or indirectly, in respect of insurance business of the Company transacted in Bangladesh during the year under report have been duly debited to the related revenue accounts and the profit and loss account of the Company; and

f. As per Regulation-11 of Part-1 of the Third Schedule of the insurance Act 1938 as amended in 2010, we certify that to the best of our information and as shown by its books, the Company during the year under report has not paid any person any commission in any form outside Bangladesh in respect of its business re-insurance abroad.

g. The information and explanations required by us have been received and found to be satisfactory;

h. The Company has complied with relevant laws and regulations pertaining to reserves.

Dated : 28th April 2016 PINAKI & COMPANY Chartered Accountants


ASIA INSURANCE LIMITED Statement of Financial Position

As at December 31, 2015

Shareholders Equity & Liabilities NotesAmount in (Taka)

2015 2014 Restated

Authorised Share Capital 2 1,000,000,000 1,000,000,000

Issued, Subscribed and Paid up Capital 3 470,698,580 470,698,580 Share Premium 4 116,288,920 116,288,920

Reserve or Contingency Account 226,573,444 218,587,656 Reserve for exceptional losses 5 175,273,532 160,273,532 General Reserve 6 3,771,100 3,771,100 Profit & loss appropriation account 7 47,528,812 54,543,024

Lease Liabilities 8 12,722,299 9,935,632 Current Maturity 6,292,278 3,204,006 Long Term Maturity 6,430,021 6,731,626

Balance of Fund & Account 9 123,421,407 97,108,613 Fire insurance business 39,849,641 27,682,045 Marine insurance business 57,262,375 50,821,509 Marine Hull insurance business 259,448 387,896 Motor insurance business 11,765,962 8,919,826 Miscellaneous insurance business 14,283,981 9,297,337

Estimated liability in respect of outstanding claims whether due or intimated

10 68,564,073 40,229,602

Amount due to other persons or bodies carrying on insurance business

11 220,727,361 216,843,290

Deposit Premium 12 59,379,560 69,961,534 Sundry Creditors 13 41,004,743 48,908,383 Deferred Tax 14 1,668,401 1,385,230 Provision for Taxation 15 193,335,318 172,500,515

Total Liabilities and shareholder’s equity 1,534,384,106 1,462,447,955

Md. Imam Shaheen Abul Bashar Chowdhury Mahbubul Alam Yussuf Abdullah Harun, FCAChief Executive Officer Director Vice Chairman Chairman

Signed as per annexed report on even date

Dated: April 28, 2016 Pinaki & CompanyDhaka Chartered Accountants


ASIA INSURANCE LIMITED Statement of Financial Position

As at December 31, 2015

Property & Assets NotesAmount in (Taka)

2015 2014 Restated

Investment 16 199,574,000 193,112,817 Government Treasury Bond 25,000,000 26,980,385 Investment in Shares 174,574,000 166,132,432

Interest, Dividends & Rent Outstanding 17 25,098,508 29,592,576 Amount due from others persons or Bodies Carrying on Insurance Business

18 210,441,618 158,520,726

Sundry Debtors 19 48,472,672 57,509,669 Advance, Deposit and Prepayments 20 349,831,479 325,755,644 Security deposit 21 1,530,714 1,531,347 Fixed Deposit Account 22 641,730,291 608,173,175 Cash on Hand and with Banks 23 18,661,384 51,931,736

Others AccountFixed assets (At Cost Less Depreciation) 24 38,426,916 35,481,059 Printing and Stationery in hand 25 616,524 839,206

Total Properties and Assets 1,534,384,106 1,462,447,955





ASIA

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ASIA

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ASIA

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ASIA INSURANCE LIMITEDStatement of Cash Flows

For the year ended 31 December, 2015

ParticularsAmount in (Taka)

2015 2014

A Cash flows from Operating Activities

Collection from Premium Income & Others Income 532,240,735 440,455,027 Less: Payment for Cost and Expenses 460,003,370 375,619,295 Management Expenses 160,363,483 126,051,842 Claim Paid 152,438,633 138,278,234 Commission Paid 69,794,120 59,317,933 Advance against Management expense 24,075,836 6,397,447 Payment of Tax and VAT 53,331,297 45,573,839

Net Cash flows from Operating Activities 72,237,365 64,835,732

B Cash Flows from Investing ActivitiesInvestment in Fixed Deposit Account (33,557,116) (29,973,242)Investment in Shares (33,875,319) (43,806,102)Acquisition of Fixed Assets (10,051,587) (7,828,123)Re-payment of Lease Loan (3,204,006) (2,252,238)Loan from Lease Financing 7,975,000 2,720,000 Sale Proceeds of Shares 4,630,618 78,814,349 Dividend Received 9,644,550 8,700,650

Net Cash Flows from Investing Activities (58,437,860) 6,375,294

C Cash Flows from Financial ActivitiesDividend Paid (47,069,858) (60,358,039)

Net Cash flows from Financial Activities (47,069,858) (60,358,039)

D Net Increase In Cash & Cash Equivalent (A+B+C) (33,270,353) 10,852,988

E Opening Cash & Cash Equivalent * 51,931,737 41,078,749

F Closing Cash & Cash Equivalent 18,661,384 51,931,737

Net operating Cash flows per share(NOCFS) 1.53 1.38

* Cash & Cash equivalent shown without Investment with Fixed Deposit Account.





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ASIA INSURANCE LIMITEDFORM “AA”

Classified Summary of Assetsas at 31 December 2015

Class of assetsAmount in Taka

Remarks2015

Bangladesh Govt.Treasury Bond 25,000,000 Realizable value

Investment in share of listed securities 174,574,000 Realizable value

Fixed Deposit with Banks 641,730,291 Cash

Cash on Hand & With Banks 18,661,384 Cash

Accrued Interest 25,098,508 Realizable value

Amount due from other persons or bodies carrying on insurance business

210,441,618 Realizable value

Fixed Assets 38,426,916 At cost less depreciation

Sundry Debtors 48,472,672 Realizable value

Advance, deposit and pre payments 349,831,479 Realizable value

Security Deposit 1,530,714 Realizable value

Printing & Stationery in hand 616,524 At cost

1,534,384,106





ASIA INSURANCE LIMITEDNotes to the Accounts

For the year ended 31 December 2015

1. SIGNIFICANT ACCOUNTING POLICIES AND OTHER MATERIAL INFORMATION:

1.1 Status of the Reporting Entity:

1.1.1 Legal Status:

The Asia Insurance Limited was incorporated as a Public Limited Company in Bangladesh on April 30, 2000 under the Companies Act, 1994. The Company, within the stipulated lay down by Insurance Act 2010 and directives as received from Insurance Development & Regulatory Authority (IDRA) time to time, provides Non-Life Insurance Business. The Company is listed with Dhaka Stock Exchange and Chittagong Stock Exchange as Publicly Traded Company. The registered office of the Company is located at T.K. Bhaban (7th floor), 13 Karwan Bazar, Dhaka -1215 and carried its Insurance activities through twenty one(21) branches throughout the country.

1.1.2 Nature of business:

The principal activity of the Company continued to be carrying on Insurance Business. There were no significant changes in the nature of the principal activities of the Company during the year 2015 under review.

1.2 Basis of Preparation:1.2.1 Statement of Compliance:

As per the requirements of BAS 1: “Presentation of Financial Statements” the Financial Statements have been prepared on the basis of going-concern concept under generally accepted accounting principles according to the historical cost convention. Requirements as to disclosure of financial information warranted by the Insurance Act 2010 have been adhered to in presenting financial statements. Such financial statements comprises the Balance Sheet, Profit and Loss Account and Revenue Accounts for specific classes of insurance business in the form set forth in the first, second and third schedule of the Insurance Act 1938 as amended 2010 in compliance with the Companies Act, 1994.

In addition, the Securities and Exchange rules, 1987 (as amended in 1997) requires the production of Statement of Cash Flow and Statement of Changes in Shareholders’ Equity as a part of the Annual Report . The Bangladesh Securities and Exchange Commission (BSEC) of Bangladesh regulates financial reporting practices of listed Companies. Listed Companies are required to comply with BSEC’s accounting and disclosure requirements. The Rules 1987 as amended in 1997, requires listed Companies to follow Bangladesh Accounting Standards (BAS) Bangladesh Financial Reporting Standards (BFRS) as adopted by the Institute of Chartered Accountants of Bangladesh (ICAB).

1.2.2 Public Sector Business: As per Government decision with effective from 1st April 1990, all the Public Sector Insurance Business is being underwritten jointly by Sadharan Bima Corporation and 45 other private sector Insurance Companies on Co-insurance basis. Out of total general insurance business, 50% being underwritten by Sadharan Bima Corporation and the balance are shared equally by 43 private sector Insurance Companies in the year 2013 and 45 private insurance companies in the year 2014.


The Company’s share of Public Sector Business is accounted for in the year in which the complete statement of account from Sadharan Bima Corporation is received. As such the Company’s share of public sector insurance business has been considered and accounted for on the basis of certified statement received form Sadharan Bima Corporation for the year 2014-2015.

1.2.3 Underwriting Business:

Gross underwriting business as well as re-insurance thereof and claim settled etc. have been recorded separate for each class of business and net underwriting results have been reflected in the revenue accounts after due consideration of re-insurance ceded.

1.2.4 Functional and presentational currency and level of precision:

The financial statements are prepared and presented in Bangladesh Currency (Taka), which is the Company’s functional currency. All financial information presented has been rounded off to the nearest Taka except where indicated otherwise.

1.2.5 Reporting period:

The financial period of the Company covers one year from 1st January to 31st December and followed consistently.

1.2.6 Components of the Financial Statements:

According to the International Accounting Standard (IAS) 1 as adopted by ICAB as BAS 1 “Presentation of Financial Statements” the complete set of financial statements includes the following components:

i) Statement of Financial Position;ii) Statement of Comprehensive Income;iii) Statement of Changes in Equity;iv) Statement of Cash Flows andv) Notes to the Financial Statements.

In accordance with Insurance Rules 1958 Balance Sheet and Profit and Loss Account have been prepared instead of Statement of Financial Position and Statement of Comprehensive Income consecutively.

1.2.7 Going Concern:

The Company has adequate resources to continue its operation for the foreseeable future. For this reason, the directors continue to adopt going concern basis in preparing the accounts. The current credit facilities and resources of the Company provides sufficient fund to meet the present requirements of its existing business.

1.2.8 Date of Authorization:

This financial statement has been authorized for by the Board of Directors of Asia Insurance Limited on 27 April 2016.


1.2.9 Segment Reporting:

A business segment is a distinguishable component of the Company that is engaged in providing services that are subject to risks and returns that are different from those of other business segments. The Company accounts for segment reporting of operating results using the classes of business. The performance of segments is evaluated on the basis of underwriting results of each segment. The Company has five primary business segments for reporting purposes namely Fire, Marine Cargo, Marine-Hull, Motor and Miscellaneous.

1.2.10 Branch Accounting:

Asia Insurance Limited now has 21 (Twenty one) branches with no overseas branch as of December 31, 2015. Accounts of the branches are maintained at the head office from which these accounts drawn up.

1.3 Principal Accounting Policies:

The accounting policies set out below have been applied in preparations of these financial statements and followed consistently.

1.3.1 Property, Plant and Equipment:

Owned Assets:

Items of own property and equipments are measured at cost less accumulated depreciation and any accumulated impairment losses. The cost of an asset comprises its purchase price and directly attributable cost bringing the assets to its working condition for its intended use as per Bangladesh Accounting Standard (BAS16)”Property, Plant and Equipments”

Leasehold Assets:

Leasehold assets of which the Company assumes substantially all the risk and rewards of ownership are accounted for as finance leases and capitalized at the inception of the lease at fair value of lease property or at the present value of minimum lease payments, whichever is lower as per Bangladesh Accounting Standard (BAS17). The corresponding obligation under the lease is accounted for as liability.

1.3.1.1 Recognition and Measurement:

Property, plant and equipment except land and building are measured at cost less accumulated depreciation and impairment losses, if any. The cost of an item of property, plant and equipment comprises its purchase price and any directly attributable inward freight, duties and non-refundable taxes.

The Company recognizes in the carrying amount of an item of property, plant and equipment the cost of replacing part of such an item when that cost is incurred if it is probable that the future economic benefits embodied within the item will flow to the entity and the cost of the item can be measured reliably. All other costs are recognized in the income statement as an expense as incurred.


1.3.1.2 Disposal of Fixed Assets:

On disposal of fixed assets, the cost and accumulated depreciation are eliminated and gain or loss on such disposal is reflected in the income statement, which is determined with reference to the net book value of the assets and net sales proceeds.

1.3.1.3 Depreciation on Fixed Assets:

Depreciation is recognized in profit and loss account on diminishing balance method. Depreciation on fixed assets has been charged from the time of asset purchased and disposal during the year.

Rates of depreciation on various classes of fixed assets are as under:

Category RateVehicle 20%Office Decoration 10%Telephone Installation & PABX System 20%Furniture & Fixture 10%Computer, Printer, Fax and Copier 30%Office Equipment 15%Air Condition 20%

1.3.1.4 Impairment of Assets:

The carrying amount of the Company’s non financial asset other than deferred tax assets are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset’s recoverable amount is estimated. An impairment loss is recognized if the carrying amount of an asset or its cash generating unit exceeds its estimated recoverable amount. Impairment losses are recognized in Profit and Loss Account. Considering the present condition of the assets, management concludes that there is no such indication exists.

1.3.2 Investments:

All investments of AIL are initially recognized at cost, being the fair value of the consideration given which include transaction cost and these are classified in to the following categories:

• Held to Maturity• Held for Trading• Available for sale

1.3.2.1 Held to Maturity

Investments with fixed maturity that the management has the intent and ability to hold maturity are classified as held to maturity and are initially measured at cost.

1.3.2.2 Held for Trading

These financial assets are acquired principally for the purpose of generating profit from short term fluctuation in prices.


1.3.2.3 Available for Sale

Available for sale investments are those non-derivative investments that are designated as available for sale or are not classified in any other category. These are primarily those investments that are intended to be held for an undefined period of time or may be sold in response to the need for the liquidity are classified as available for sale. The Company follows trade date accounting for ‘regular way purchase and sales’ of investments.

1.3.3 Advance, Deposits and Prepayments:

Advances are initially measured at cost. After initial recognition advances are carried at cost less deductions, adjustments or charges to other account heads such as prepayment expenses or inventory etc. Deposits are measured at payment value. Prepayments are initially measured at cost. After initial recognition prepayments are carried at cost less charges to Profit and Loss Account.

1.3.4 Cash and Cash Equivalents:

Cash On Hand and Cash with Banks have been considered as the Cash and Cash equivalents for preparation of these financial statements as there was insignificant risk of changes in value of these current assets.

1.3.5 Reserve for Contingencies:Reserve for Exceptional Losses

As per Para 6 of the 4th schedule, to meet the exceptional losses, Company sets aside ten (10) percent of the premium income of the year in which it is set aside from the balance of the Profit to the Reserve for Exceptional Losses.

1.3.6 Balance of Fund and Accounts:

These have been arrived at after making provision for un-expired risks @ 40% of net premium income on all business except Marine Hull Insurance where provision has been made @ 100% on net premium income.

1.3.7 Lease Liability:

The leased liability is considered as a Finance Lease as per BAS-17. As such, the interest expense on Lease liability is charged to profit and loss account under finance cost.

1.3.8 Loans and Borrowing:

Principal amounts of loans and borrowings are stated at their outstanding amount. Borrowings repayable after twelve months from the reporting date are classified as non-current liabilities whereas the portion payable within twelve months, unpaid interest and other charges are classified as current liabilities.


1.3.9 Provision for Liabilities:

According to BAS 37: “Provision, Contingent Liabilities and Contingent Assets” the Company recognizes the provision in the balance sheet when the Company has a legal or constructive obligation as a result of past event and it is probable that an outflow of economic benefit will be required to settle the obligations.

1.3.10 Provision for Income Tax:

BAS 12: “Income Taxes” and Income Tax Ordinance 1984 have been used for the calculation of deferred tax and current tax expense respectively. Provision for income tax represents the sum of the current tax expense and deferred tax expenses.

A. Current Tax Expenses:

The Companies Income tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in succeeding years and it further excludes items that are never taxable or deductible. The Company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted on the balance sheet date.

B. Deferred Tax Expense:

Deferred tax is recognized on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit and are accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognized for all taxable temporary differences. Deferred tax assets are generally recognized for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which such differences can be utilized. Deferred tax has been calculated and charged or credited to profit and loss appropriation account.

1.3.11 Revenue Recognition:

The revenue is recognized after satisfying all the conditions for revenue recognition as provided BAS 18: “Revenue” in compliance with BFRS 4 “Insurance Contract”. Detailed income wise policy for revenue recognition is given as under:

A. Premium Income

The income from premium is comprised of the total amount of premium earned on various classes of insurance business during the year, the gross amount of premium earned against various policies, the amount of re-insurance premium due to Private and Public Sector, the amount of re-insurance commission earned and the amount of claims less re-insurance settled during the year have all been duly accounted for in the books of account of the Company. While preparing the final statement of accounts, the effect of re-insurance accepted and re-insurance ceded as well as the effect of total estimated liabilities in respect of outstanding claims at the end of the year, whether due or intimated have also been duly reflected in order to arrive at the net underwriting profit for the year.


Premium is recognized when insurance policies are issued, but the premium of the Company’s share of public sector insurance business (PSB) is accounted for in the year in which the statements of account from Sadharan Bima Corporation are received. Up to 31st December, 2015 statements of account for the period 1st July, 2014 to 30th June,2015 have been received and, accordingly, the Company’s share of PSB for that period has been recognized in this financial statements

B. Investment Income

Interest income on investments is recognized on accrual basis using effective interest rate as per BAS-18 “Revenue”. Portfolio gain on investments in shares is recognized as income and credited to investment income in the profit and loss account as per BAS- 39 “Financial Instrument: Recognition”. Capital gain is recognized when it is realized and recognized as income and credited to investment income in the profit and loss account as per BAS-39 “ Financial Instrument: Recognition “. Capital gain is recognized when it is realized.

B.1 Interest and Dividend:

Interest on Bangladesh Government Treasury Bond and FDR’s are recognized on accrual basis. Interest on STD/SND account, cash dividend on investment in share and other income are recognized as a when the amount is credited to our account. For stock dividend that received by the Company against its investment, number of shares increased and average cost of investment decreased.

1.3.12 Earnings Per Share (EPS):

The Company calculates Earning per Share (EPS) in accordance with BAS 33: Earning per Share, which has been shown on the face of Profit and Loss Account, and the computation of EPS is stated in Note-34.

Basic Earnings:

This represents earnings for the year attributable to ordinary shareholders. As there was no preference dividend, minority or extra ordinary items, the net profit after tax for the year has been considered as fully attributable to the ordinary shareholders.

Weighted average number of ordinary shares outstanding during the year:

This represents the number of ordinary shares outstanding at the beginning of the year plus the number of shares issued during the year multiplied by a time-weighting factor. The time weighting factor is the numbers of days the specific shares are outstanding as a proportion of the total number of days in the year.

Basic Earnings per Share:

This has been calculated by dividing the basic earnings by the weighted average number of ordinary shares outstanding for the year.

1.3.13 Statement of Cash Flows:

Statement of Cash Flows is prepared in accordance with BAS-7 “Statement of Cash Flows”. The cash flows from the operating activities have been presented under Direct Method as prescribed by the Securities and Exchange Rules 1987 and considering the provisions of Paragraph 18(b) of BAS-7 which provides that “Enterprises are encouraged to report Cash Flow from Operating Activities using the Direct Method”.


1.3.14 Uncertainties for use of estimates in preparation of Financial Statements:

The preparation of financial statements in conformity with the Bangladesh Accounting Standards requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of other information at the date of the financial statements and revenues and expenses during the period reported. Actual results could differ from those estimates. Estimates are used for accounting of certain items such as depreciation on fixed assets, accrued expenses and income taxes.

1.3.15 Comparative Amounts:

Certain comparative amounts have been re-classified & rearranged to confirm with the current year’s presentation.

1.3.16 Related Party Disclosure:

Asia Insurance Limited, in normal course of business, carried out a number of transactions with other entities that fall within the definition of related party contained in Bangladesh Accounting Standard 24: Related Party Disclosures. All transactions involving related parties arising in normal course of business are conducted on an arm’s length basis at commercial rates on the same terms and conditions as applicable to the third parties. Detail of the related party disclosures have been given in Note-36.

1.3.17 Event after the reporting period:

Proposed Dividend:

The proposed dividend is not recognized as a liability in the Balance Sheet in accordance with the BAS-10 Events after the Reporting Period. Dividend payable to the Company’s shareholders are recognized as a liability and deducted from shareholders equity in the period in which the shareholders right to receive payment is established. The Company has disclosed the same in the notes to the financial statements in Note-37.



For the year ended 31 December 2015

1.4 Status of Compliance of Bangladesh Accounting Standards and Bangladesh Financial Reporting Standards:

In preparing Financial Statements, we applied following BAS and BFRS:

Name of the BAS BAS No.

Status of Application

Presentation of Financial Statements 1 AppliedInventories 2 AppliedCash flow Statements 7 AppliedAccounting Policies , Changes on accounting estimates and errors 8 AppliedEvent after Balance sheet date 10 AppliedConstruction Contacts 11 N/AIncome Tax 12 AppliedProperty, Plant & Equipments 16 AppliedLeases 17 AppliedRevenue Recognition 18 AppliedEmployee Benefits 19 AppliedAccounting for Govt. Grants and Discloser of Govt. Assistants 20 N/AThe effects of Changes in Foreign Exchange Rates 21 AppliedBorrowing Costs 23 AppliedRelated Party Disclosures 24 AppliedAccounting for Investments 25 AppliedConsolidated Financial Statements and Accounting for Investment in subsidiary

27 N/A

Accounting for Investment in Associates 28 N/AInterests in Joint Venture 31 N/AEarnings Per Share 33 AppliedProvisions, Contingent Liabilities and Contingent Assets 37 AppliedIntangible Assets 38 AppliedFinancial Instruments : Recognition & Measurement 39 AppliedInvestment Property 40 N/AAgriculture 40 N/AFirst Adoption of BFRSs 1 N/AShare based payment 2 N/ABusiness Combination 3 N/AInsurance Contracts 4 AppliedNon-Current assets Held for Sales and Discontinued Operations 5 N/AExplorations for and Evaluation of Mineral Resources 6 N/AFinancial Instruments: Disclosure 7 AppliedOperating Segments 8 Applied


Asia Insurance LimitedNotes to the Accounts

As on December 31,2015

Amount in Taka2015 2014

2 Authorized Capital100,000,000 Ordinary shares of Tk. 10/- each Total 1,000,000,000 1,000,000,000

3 Issued, subscribed & paid-up capital Total 470,698,580 470,698,580 4,70,69,858 Ordinary shares of Tk. 10/- each

4 Share Premium Total 116,288,920 116,288,920

5 Reserve or Contingency Account (5+6+7) Total 226,573,444 218,587,656

Reserve for exceptional losses 175,273,532 160,273,532 The above amount is arrived at as under :Opening balance 160,273,532 160,273,532 Add : Reserve made during the year 15,000,000 -

* Reserve for exceptional losses is appropriated out of current year profit about 10% of premiumearned during the year. The above amount is eligible for tax relief under the 4th schedule of ITO 1984.

6 General reserve 3,771,100 3,771,100

Opening balance 3,771,100 3,771,100 Add : Reserve made during the year - -

7 Profit & Loss Appropriation Account 47,528,812 54,543,024

8 Lease Liabilities Total 12,722,299 9,935,632 Opening balance(Current Maturity) 3,204,006 Payment for Current Liability (3,204,006)Transfer from long term Maturity 6,292,278 Current Maturity 6,292,278 3,204,006

Opening balance(Non-Current Maturity)Long Term Maturity 6,731,626 6,731,626 Add. New Lease Finance 7,975,000 - Less. Adjustment for Current Liability (1,984,327)Less. Transfer to Short Term Lease Liability (6,292,278)

6,430,021 6,731,626

9 Balance of Fund & Account Total 123,421,407 97,108,613

Fire Insurance business 39,849,641 27,682,045 Marine Cargo Insurance business 57,262,375 50,821,509 Marine Hull Insurance business 259,448 387,896 Motor Insurance business 11,765,962 8,919,826 Miscellaneous Insurance business 14,283,981 9,297,337





10 Estimated liability in respect of outstanding claim Total 68,564,073 40,229,602 whether due or intimatedFire 33,280,007 15,417,411 Marine Cargo 32,473,563 20,651,515 Marine Hull - Motor 903,466 2,120,892 Miscellaneous 1,907,037 2,039,784

11 Amount due to other persons or bodiescarrying on insurance business Total 220,727,361 216,843,290

Opening balance 216,843,290 164,841,583 Paid during the year (12,339,090) (5,360,099)Sadharan Bima Corporation 204,504,200 159,481,484

Add, Payable to SBC (RI Ceded premium during the year-2015) 16,223,161 57,361,806

Amount of re-insurance premium payable to Protection-Re. 5,163,526 5,003,649 Paid to Protection-Re (5,163,526) (5,003,649)

- Amount of re-insurance premium payable to Green Delta Insurance. & Company

2,339,064 -

Amount of re-insurance Service charge payable to Green Delta Insurance Company Limited

78,406

Paid to Green Delta Insurance Company Limited (2,417,470) -

12 Deposit Premium Total 59,379,560 69,961,534 Fire 13,776 - Marine Cargo 49,167,353 69,961,534 Marine Hull - - Motor - - Miscellaneous 255,950 - Stamp duty 9,942,481

This represents the amount of premium deposited with Company against cover notes for which no polices have been issued up to the end of the year. And will be adjusted after issuance of policies.





13 Sundry Creditors Total 41,004,743 48,908,383

Audit fee - 115,000 M/s.Pinaki & Company 125,000 -Employees Contribution of Provident Fund 800,832 255,419 Employers Contribution of Provident Fund 800,832 255,419 Dividend payable 20,465,226 20,884,173 Refund Warrant (IPO) 1,226,595 1,231,595 Refund Warrant (Right share) 216,640 216,640 Deposit against Car Lease 2,084,761 1,635,108 IPO Deferred Income 446,416 446,416 Provision for Agent commission 44,743 -Provision for Office rent 98,254 -Provision for Incentive 4,616,817 6,000,000 Provision for Gratuity 4,727,039 4,914,734 Provision for Expenses 676,274 3,154,117 Liability for Salary & Allowance 511,862 1,700,930 VAT (Deduction at source) 284,763 163,125 TAX(Deduction at source) 807,833 1,573,833 VAT payable - 3,767,087 Insurance Stamp Payable 3,070,856 2,594,787

14 Calculation of Provision for Deferred Tax Carrying Value of Fixed Asset 38,426,916 35,481,058 Tax Base 34,255,913 32,221,695 Taxable Temporary Deference 4,171,003 3,259,364 Tax rate 40.00% 42.50%Deferred Tax Liability 1,668,401 1,385,230

Closing Deferred Tax Liability 1,668,401 1,385,230 Opening Deferred Tax Liability 1,385,230 1,303,780 Deferred Tax charge during the year. 283,171 81,450

** Deferred Tax has been calculated for the year ended December 31, 2015 in compliance to BAS - 12.

15 Provision for Taxation Total 193,335,318 172,500,515

Provision for Taxation 2007-08 18,259,273 18,259,273 Provision for Taxation 2008-09 8,421,256 8,421,256 Provision for Taxation 2009-10 11,728,117 11,728,117 Provision for Taxation 2010-11 22,567,336 22,567,336 Provision for Taxation 2011-12 16,800,000 16,800,000 Provision for Taxation 2012-13 37,230,000 37,230,000 Provision for Taxation 2013-14 47,164,364 47,164,364 Provision for Taxation 2014-15 10,330,169 10,330,169 Provision for Taxation 2015-16 20,834,803 -





16 Investment Total 199,574,000 193,112,817 Restated

All investments of AIL are initially recognized at cost, being the fair value of the consideration given which include transaction cost and these are classified in to the following categories:· Held for Trading - - · Held to Maturity 25,000,000 26,980,385 · Available for sale 174,574,000 166,132,432

16.1 Held for TradingThese financial assets are acquired principally for the purpose of generating profit from short term fluctuation in prices.16.2 Held to MaturityInvestments with fixed maturity that the management has the intent and ability to hold maturity are classified as held to maturity and are initially measured at cost.Ten Years Government Treasury Bond Total 26,980,384 26,980,385 Cost of Purchases 1,980,384 -

25,000,000 26,980,385

16.3 Available for Sale (Fair Market Value) 174,574,000 166,132,432 Available for sale investments are those non-derivative investments that are designated as available for sale or are not classified in any other category. These are primarily those investments that are intended to be held for an undefined period of time or may be sold in response to the need for the liquidity are classified as available for sale. The Company follows trade date accounting for ‘regular way purchase and sales’ of investments.Company designated the following shares as available for sale. Details Cost and Market Value of Investment as on 31.12.2015 are as follows :

2015 2014Name of the Listed

CompanyFair Market

Value(Dec,31.2015)Cost Price

(Dec,31.2015)Southeast Bank Ltd. 66,528,000 105,662,504 Exim Bank Ltd. 7,112,200 16,826,001 Prime Bank Ltd. 26,878,500 48,843,000 ICB Islamic Bank Ltd - - IDLC - - Bay Leasing & Investment Co. Ltd. 40,112,800 80,059,222 National Life Insurance Co. Ltd. 18,667,500 18,014,873 Delta Life Insurance Co. Ltd 15,275,000 21,883,426

174,574,000 291,289,026

Difference (Dec,31.2015)

Difference (Dec,31.2014)

(39,134,504) (32,649,120) (9,713,801) (8,481,066)

(21,964,500) (19,737,000) - (1,800) - (69,848)

(39,946,422) (30,364,812) 652,627 (497,322)

(6,608,426) (4,110,925) (116,715,026) (95,911,893)





16.4 Changes in fair value of the shares available for sale:Fair value of the Investment 174,574,000 166,132,512 Less. Cost price of the Investment 291,289,026 262,044,405 Fair value reserve at December 31, 2015 (116,715,026) (95,911,893)Less. Fair value reserve opening January 1, 2015 95,911,893 93,796,996 Provision for Fair value adjustment during the year 2015 (20,803,133) (2,114,897)

16.5 Fair value adjustment Fair value reserve opening January 1, 2015 95,911,893 93,796,996 Provision for Fair value adjustment during the year 2015 20,803,133 2,114,897

Total 116,715,026 95,911,893

17 Interest, Dividend, Rent outstanding Total 25,098,508 29,592,576 Accrued Interest on FDROpening balance 28,673,424 28,673,424 Accrued during the year 58,911,025 - Interest received during the year (63,405,093) -

24,179,356 28,673,424 Accrued Interest on Govt. treasury BondOpening balance 919,152 919,152 Accrued during the year 2,990,800 - Interest received during the year (2,990,800) -

919,152 919,152

18 Amount due from other persons or bodies - Total 210,441,618 158,520,726 carrying on insurance businessOpening balance 158,520,726 150,863,567 Add. Receivable against PSB Account during the year 8,172,591 7,657,159 Add. Receivable against outstanding claims during the year 40,831,516 - Add.Co-Insurance share of premium Receivable- 2,916,785 - from Progati Insurance Ltd - -

19 Sundry Debtors Total 48,472,672 57,509,669

Opening balance 57,509,669 57,509,669 Adjustment during the year (9,036,997) - Deposit clearing 48,472,672





20 Advance, deposit and prepayments Total 349,831,479 325,755,644 Advance Salaries 1,821,214 1,923,458 Advance Office rent 5,975,963 2,298,017 Advance tax Car 2013 1,155,000 675,000 Advance tax payments - 2006 -2015 (20b) 146,848,779 115,517,186 Advance tax STD A/c 402,934 199,951 Advance tax FDR A/c 13,174,421 6,727,647 Advance tax Dividend A/c 3,549,165 1,740,130 Advance tax Ded at source 2012 5,128,656 25,543,545 Advance tax Ded at source 2013 8,869,773 8,869,773 Advance Procurement Provider (Calendar) 2,000,000 1,000,000 Advance against Floor purchases 145,856,480 145,856,480 Advance against Car Purchases - 1,470,000 Advance against Software 1,040,000 - Interest on Income Tax-2013 83,296 - Advance VAT Payment 13,921,118 13,921,118 Receivable from BLI Securities Ltd. 4,680 13,339

20(b) Advance Tax PaymentAdvance tax paid - 2007-2008 5,447,700 5,447,700 Advance tax paid - 2008-2009 4,925,053 4,689,053 Advance tax paid - 2009-2010 8,170,317 6,137,721 Advance tax paid - 2010-2011 12,445,315 9,016,577 Advance tax paid - 2011-2012 13,978,682 12,949,226 Advance tax paid - 2012-2013 17,654,699 17,646,901 Advance tax paid - 2013-2014 37,165,901 24,568,896 Advance tax paid - 2014-2015 32,061,112 31,061,112 Advance tax paid - 2015-2016 8,000,000 4,000,000 Advance tax paid - 2016-2017 7,000,000 -

Total 146,848,779 115,517,186

21 Security deposit Total 1,530,714 1,531,347 Against Office Rent 1,162,000 1,162,633 Against Telephone 58,714 58,714 Against Electricity 10,000 10,000 Security Deposit(CDBL) 300,000 300,000

22 Fixed deposit with banks Total 641,730,291 608,173,175 Opening balance 608,173,175 608,173,175 Add. New FDR Account open during the year 141,041,085 - Less. Encashment during the year (107,483,969) -





23 Cash on hand and with banks Total 18,661,384 51,931,736 Current Deposit (5,394,115) 3,305,628 STD SND SB Account with banks 22,905,770 46,233,085 Cash on Hand 1,149,729 2,393,023

24 Fixed Assets Total 38,426,916 35,481,059 Vehicles 20,135,438 16,273,326 Office Decoration 9,164,660 10,143,722 Telephone Inst. & PABX System 266,945 250,334 Furniture & Fixture 2,403,483 2,279,604 Computer, Printer, Fax and Copier 2,275,615 1,935,182 Office Equipment 2,667,661 2,775,564 Air Conditioner 1,513,114 1,823,327

24.1 Cost of Fixed AssetsOpening Balance 77,976,002 70,147,879 Add. Addition during the year.2015 11,521,587 7,828,123 Less. Disposal during the Year 2015 (2,125,000) - Total Cost 87,372,589 77,976,002 Less: Accumulated DepreciationOpening Balance 42,494,944 36,295,914 Add. Charge during the year.2015 7,053,711 6,199,029 Less. Adjustment of Disposal during the Year, 2015 (602,982) - Total Accumulated Depreciation 48,945,673 42,494,943 Written down value 38,426,916 35,481,059 ** Schedule of fixed assets has been given in Annexure-A

25 Stock of Printing ,Stationery & Stamp Total 616,524 839,206 Printing ,Stationery 616,524 584,329 Insurance Stamp - 254,877





26 Interest, Dividend & Rents:Interest on STD A/C 1,992,071 1,936,208 Interest on FDR A/C 34,731,669 67,357,751 Interest on Loan A/C 72,180 - Interest on Govt Treasury Bond A/C 2,071,648 3,316,404 Dividend on Share 9,644,550 8,700,650 Accrued Interest on FDR A/C 24,179,356 - Accrued Interest on Govt Treasury Bond 919,152 -

Total 73,610,626 81,311,013

27 Misc. Income Total 58,230 263,122

28 Profit on Sale of Share Total 236,543 39,011,144

29 Agency CommissionFire 27,704,131 27,963,797 Marine Cargo 31,514,789 21,601,331 Marine Hull 82,569 153,764 Motor 4,342,270 3,923,722 Miscellaneous 6,150,361 5,675,319 Total Total 69,794,120 59,317,933

30 Allocation of Management expenses.

Particulars Gross Premium% M.Expenses M.Expenses

2015 2014Fire 188,034,117 43.61 54,329,544 55,287,690 Marine Cargo 153,899,591 5.69 44,466,902 43,537,953 Marine Hull 1,006,152 0.23 290,712 327,542 Motor 31,057,960 7.20 8,973,716 7,868,178 Miscellaneous 57,163,680 13.26 16,516,559 12,545,247 Total 431,161,500 100.00 124,577,433 119,566,611





30.A. Management Expenses

Bank Charge 786,485 628,564 Branch opening exp. 125,384 - Business Expenses (PSB) 40,000 - Board Meeting Exp 111,333 - Conveyance bill 784,727 832,140 Car Allowance 7,709,170 7,800,109 Electric & Office Equipment Maintenance 620,275 - Entertainment 441,136 693,977 Expenses of Management(PSB) 2,841,310 2,802,147 Fuel & Lubricant 464,747 320,222 Festival Bonus 7,624,550 6,219,078 Generator Fuel 76,483 - Gas, Water & Electricity 1,794,329 1,619,251 Incentive Bonus - 4,266,563 Insurance Premium 1,482,346 - Internet, Fax ,E mail & Website Expenses 353,255 373,316 Leave Encashment 33,744 29,568 Levy on Premium Income - 100,000 Listing Fee & CDBL charge - 446,876 Office Rent 15,020,347 13,818,208 Office Maintenance - 1,288,851 Others Charge - 264,840 Provident Fund (Employer’s Contribution) 3,076,513 - Pre-Inspection Fee 133,946 Penalty IDRA 700,000 - Printing & Stationery (consumption) 2,639,466 1,936,736 Postage, Stamp & Currier 458,435 470,178 Paper & Periodicals 78,000 74,188 Procurement Provider 5,238,050 - Repair & Maintenance 5,500 - Telephone Bill 351,009 1,462,818 TA/DA Allowance - Officials 290,149 Training Fee 74,831 13,000 Software Maintenance 103,465 - Service Charge (Co-Ins.) 73,932 56,939 Salary & Allowances and Wages 71,468,610 73,353,952 Stamp Duty Consumption - 270,995 Total 124,577,433 119,566,611


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As on December 31, 2015


34 Earnings Per ShareNet profit before Tax 78,154,004 62,060,962 Less. Provision for Current Taxation (20,834,803) (10,330,169)Provision for Deferred Tax (283,171) (81,450)

57,036,030 51,730,793 No. of Share 47,069,858 47,069,858

EPS(Earnings Per Share) 1.21 1.10



As on December 31, 2015

Sl.No. Name of BanksAmount in Taka

2015 201435 Fixed deposit with banks

The balance is made up as follows :1 Agrani Bank Ltd. 6,000,000 5,500,000 2 AB Bank Ltd. 39,055,900 37,053,838 3 Al-Arafah Islami Bank Ltd. 51,655,463 67,655,463 4 Basic Bank Ltd. 9,000,000 7,500,000 5 Bay Leasing & Investment Ltd. 79,565,000 79,565,000 6 Bangladesh Commerce Bank Ltd. 1,500,000 1,000,000 7 Bangladesh Krishi Bank Ltd. 1,600,000 1,600,000 8 Bank Asia Ltd. 23,000,000 23,400,000 9 Bank Al-Falah Ltd 3,000,000 - 10 Dhaka Bank Ltd. 14,900,000 18,600,000 11 Dutch Bangla Bank Ltd. 9,007,193 7,007,193 12 Eastern Bank Ltd. 1,000,000 1,500,000 13 Exim Bank Ltd. 20,392,000 15,692,000 14 First Security Bank Ltd. 500,000 500,000 15 Farmers Bank Ltd. 1,500,000 1,000,000 16 IFIC Bank Ltd. 65,492,150 47,992,150 17 IDLC 1,802,028 4,585,874 18 Islami Bank Bangladesh Ltd. 9,400,000 7,900,000 19 Jamuna Bank Ltd. 9,220,770 9,720,770 20 Janata Bank Ltd. 1,000,000 1,000,000 21 Midland Bank Ltd. 14,000,000 500,000 22 Marcentile Bank Ltd. 6,900,000 4,900,000 23 Modhumoti Bank Ltd. 500,000 4,661,100 24 Mutual Trust Bank Ltd. 3,400,000 2,900,000 25 National Bank Ltd. 9,000,000 9,000,000 26 NCC Bank Ltd. 7,900,000 4,400,000 27 NRB Commercial Bank Ltd. 2,900,000 2,900,000 28 NRB Global Bank Limited - 500,000 29 One Bank Ltd. 9,411,805 6,911,805 30 Premier Bank Ltd. 3,000,000 2,000,000 31 Prime Bank Ltd. 9,003,101 11,803,101 32 Pubali Bank Ltd. 4,600,000 6,100,000 33 Peoples Leasing & Investment Ltd 500,000 - 34 Rupali Bank Ltd. 1,000,000 1,500,000 35 Southeast Bank Ltd. 162,344,231 154,844,231 36 Standard Bank Ltd. 9,200,000 4,700,000 37 Social Investment Bank Ltd. 12,700,000 14,500,000 38 Shahjalal Islami Bank Ltd. 5,680,650 6,180,650 39 South Bangla Agricultural & Commerce Bank Ltd. 3,500,000 4,000,000 40 Sonali Bank Ltd. 500,000 500,000 41 Trust Bank Limited 4,300,000 4,300,000 42 United Commercial Bank Ltd. 22,300,000 22,300,000 43 Union Bank Limited 500,000 -

Total 641,730,290 608,173,175


ASIA INSURANCE LIMITED 36.00 Regarding Related Party Transaction

During the year under review, the Company carried out a number of transactions with related parties in the normal course of business and arms’ length basis. The name of related parties, nature of these transactions and their value have been set out below in accordance with the provision of BAS 24 “Related Party Disclosure’’. Details are shown in Annexure -B

36(A) Directors Interest in other Companies:

Name Designation with AIL

Entities where they have Interest Position

Yussuf Abdullah Harun FCA Chairman Incontrad Managing PartnerIncontrade Limited Chairman

Goldcrast Holdings Limited Chairman

Mahbubul Alam Vice Chairman Alam Trading Corporation Proprietor

Md. Jahangir Alam

Director

M.I Cement Factory Ltd. ChairmanMetal Marketing (Pvt.) Ltd. M.D.

Indo Steel Re-Rolling Ind. Ltd. M.D.Chittagong Capital Ltd. M.D.

Premier Cements Mills Ltd. DirectorJahangir & Others Limited M.D.

GPH Ispat Ltd. M.D.GPH Power Generation Ltd. M.D.

Crown Power Generation Ltd. ChairmanPremier Power Generation Ltd. Director

Abul Bashar Chowdhury Director Mashud & Brothers ProprietorModern Hatchery Ltd. Chairman

Modern Poly Industry Ltd. ChairmanMutual Shipping Ltd Chairman

Ruby food Products Ltd. ChairmanModern Fabric Industries Ltd. Chairman

Happy Enterprise Proprietor

Alamgir Kabir FCA Director Southeast Bank Ltd. ChairmanNational Life Insurance Co. Ltd. Independent

Director

Mohammed Jamal Ullah Director Bismillah Store ProprietorSilver Dal Mills Limited M.D.Ishfar Oil Mills Limited M.D.

Rupali Soap & Chemical M.D.Silver Coconut Oil Mills Limited M.D.

Mohammad Ali Khokon Director Maksons Spinning Mills Ltd. M.D.Metro Spinning Ltd. M.D.

Coeval Textile Ltd M.D & CEO

Tarik Sujat Director Bay Leasing & Investment Ltd. Director

Dr.Zaidi Sattar Director Southeast Bank Ltd. Director

Zakir Ahmed Khan Independent Director

Bay Leasing & Investment Ltd. Independent Director


Directors Interest in other Companies:

Name Designation with AIL

Entities where they have Interest Position

Mrs. Khaleda Begum Director

Bengal Mines Development Corporation

Director

Rangapani Tea Estate DirectorN.R. Steel Galvanizing Plant

LimitedDirector

Samuda Containers Limited DirectorProgressive Containers Limited DirectorT.K. Gas & Gas Cylinder Limited Director

Marshal Oil Limited DirectorSuper Coconut Oil Limited Director

Super Formica & Lamination Ltd DirectorT.K. Particle Board Mills (Pvt.)

LimitedDirector

Papya Chemical Industries Ltd. DirectorBengal Sack Corporation Ltd. Director

Shabnam Vegetable Oil Industries Ltd.

Director

Riff Leather Ltd. DirectorT.K. Chemical Complex Ltd. DirectorPolytex Yarn Product Ltd. Director

Ching Hung Fibers Ltd. DirectorT.K Oil Refinery Limited Director

T.K Re-Rolling Mills Limited DirectorT.K Steel Industries Limited DirectorFarhana Oil Mills Limited Director

T.K. Polypropylene Products Limited

Director

T.K. Plastic Products Limited DirectorT.K. Agro Products Limited DirectorShiblee Vanaspati Products

LimitedDirector

Comimpax Wood Cemair Limited DirectorSamuda Beverage Limited Director

Samuda Oil Refinery Limited DirectorSamuda Power Limited Director

T.K. Drum Indudustries Limited DirectorT.K. Shares and Securities

LimitedDirector

Karnafully Galv. Mills Limited DirectorMinhaz Spinning, Weaving and

Finishing LimitedDirector

Farzana Stills Mills Limited DirectorModern Hatchery Ltd. Director

Modern Fabric Industries Ltd. DirectorB.K. Properties Limited Director

Hafsa Nazir Industrial Complex (Pvt.) Ltd.

Director

Aryan Stevedore Limited DirectorModern Poly Industry Ltd. Director

Ali Tannery Limited Director


Directors Interest in other Companies:

Name Designation with AIL Ali Tannery Limited Position

Mrs. Farzana Afroze Director Samuda Chemicals Complex Ltd Chairperson & Director

Samuda Power Limited Chairperson & Director

Samuda Caustic Limited Chairperson & Director

Samuda Peroxide Limited Chairperson & Director

Samuda Real Estate Limited Chairperson & Director

Genweb -2 Limited Chairperson & Director

Modern Poly Industry Ltd. Director

Mohammad Mustafa Haider

Director Samuda Chemical Complex Ltd. M.D. and DirectorSamuda Power Limited M.D. and DirectorSamuda Caustic Limited M.D. and DirectorSamuda Peroxide Limited M.D. and DirectorSamuda Real Estate Limited M.D. and DirectorGenweb -2 Limited M.D. and DirectorModern Poly Industry Ltd. M.D. and DirectorModern Power Limited M.D. and DirectorPremier Cements Mills Ltd. M.D. and DirectorPremier Power Generation Ltd. M.D. and DirectorNational Cement Mills Limited M.D. and DirectorRohnoor Navigation Limited M.D. and DirectorModern Hatchery Ltd. M.D. and DirectorBSM Essentials Limited M.D. and DirectorSuper Petrochemical (Pvt.) Limited

M.D. and Director



For the year ended December 31, 2015

37 Event after the Reporting PeriodThe Board of Directors in its 112th meeting held on 27 April 2015 decided to recommend payment of 10% Cash dividend for the year 2015.

38 Credit FacilityNo credit facility availed by the Company under any contract other than bank credit facility and trade credit which are in the ordinary course of the business.

39 Number of Employees EngagedThe number of employees engaged for whole year who received a total remuneration of TK. 36,000 and above per annum was 301.

40 Capital Expenditure Commitment● No Capital Expenditure contracted or incurred provided for as at December 31, 2015.● There was no material capital expenditure authorized by the Board or contracted for as at December 31, 2015.

41 Claim Acknowledgement There was no claim against the Company not acknowledged as debt as on December 31, 2015.


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ASIA INSURANCE LIMITEDAnnexure - B

Regarding Related Party Transaction:

Name of the Related Party Nature of Relationship & Transaction

Amount of Transaction

Amount of Transaction Balance

Premium ClaimsIncontrade Group Common Directorship 294,474 - Nil GPH Group Common Directorship 8,974,189 2,946,839 Nil GPH Power Generation Ltd Common Directorship 13,176 - Nil Premier Cement Mills Ltd. Common Directorship 12,094 - Nil Ishfar Oil Mills Limited Common Directorship 435,931 - Nil Silver Dal Mills Limited Common Directorship 1,820,139 - Nil Modern Hatchery Limited Common Directorship 920 - Nil Ruby Food Products Ltd Common Directorship 2,686,545 - Nil Southeast Bank Limited Common Directorship 19,000,880 522,450 Nil Bengal Sack Corporation Ltd Common Directorship 460 - Nil Modern Poly Industries Ltd Common Directorship 182,370 - Nil Riff Leather Ltd Common Directorship 953,220 - Nil T.K. Chemical Complex Ltd. Common Directorship 1,210 - Nil Super Formica & Lamination Ltd Common Directorship 154,817 Nil Maksons Spinning Mills Ltd. Common Directorship 2,993,102 88,140 Nil Metro Spinning Ltd. Common Directorship 2,671,879 - Nil Bismillah Store Common Directorship 2,791,215 - Nil

Name of the Related Party Nature of Relationship & Transaction Amount of Transaction

Office Rent (HO, LO & Khatungonj)

Group Insurance premium

Lease Loan repayment

T.K Group Common Directorship 6,538,180 - - T.K Group Common Directorship 451,440 - - Floor on Eunoos Trdae Center (Dilkusha) Dhaka

Directorship & Ownership 1,589,672 - -

National Life Insurance Co. Ltd. Common Directorship - 1,567,582 - Bay Leasing & Investment Ltd. Common Directorship - 5,417,955


Notes


Head Office: T. K. Bhaban (7th Floor), 13, Kawran Bazar, Dhaka-1215e-mail: [email protected], web site: www.asiainsurancebd.com

PROXY FORMI/We…………………………………………………………………….of….…………………………………………………………………………………………………………………………………………… being a member of Asia Insurance Limited do here by appoint Mr./Mrs.…………………………………………………….…of…………………………………………......... as my/our proxy to attend and vote on my/our behalf at the 16th Annual General Meeting of the Company to be held on June 11, 2016 (Saturday) at 11:00 A.M. at “King’s Hall” of Spectra Convention Center Limited, House# 19, Road# 7, Gulshan-1, Dhaka-1212 and any adjournment thereof.

Signed this: ……………..…………………….day of………………………..………………….2016.

………………………….............… ..………...................Signature of Shareholder(s) Signature of Proxy

No. of shares held: ……………………………… Folio No.

or BOIDNo.

Note:i. The Proxy Form signed across 20.00 (Ten) Taka revenue stamp and must be deposited at least 48 hours before the meeting at the Company’s Registered Office.

ii. Signature of the Shareholders should agree with the specimen signature registered with Company and/or Depository Register. ……………………………………………………………………………………………………………………………………………………………………………

Head Office: T. K. Bhaban (7th Floor), 13, Kawran Bazar, Dhaka-1215e-mail: [email protected], web site: www.asiainsurancebd.com

ATTENDANCE SLIPI/We hereby record my/our attendance at the 16th Annual General Meeting (AGM) of Asia Insurance Limited on June 11, 2016 (Saturday) at 11:00 A.M. at “King’s Hall” of Spectra Convention Center Limited, House# 19, Road# 7, Gulshan-1, Dhaka-1212.

Name of the Shareholder(s)(in Block Letter)

No. of SharesFolio No.BO ID No.Name of the Proxy (if any)

No. of Shares held

…………………………………………….… ………..………………….Signature of Shareholder(s)/Proxy Signature verified by

Note: Shareholder attending meeting in person or by Proxy are requested to complete the Attendance slip and hand over it at the entrance of the auditorium.

RevenueStamp

Taka 20.00

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